U.S. agriculture bucked the trend seen in the overall U.S. trade picture where both exports and imports fell in March.
U.S. ag trade data shows that exports increased in March from February, but the rise in exports was eclipsed by a surge in imports, producing a monthly trade deficit of $502 million.
U.S. ag exports in March were at $11.89 billion, up 5% from the $11.31 billion in February and the strongest U.S. shipment pace since November 2019. But the five-percent rise was swamped by imports surging to $12.39 billion, a rise of nearly 17% from the February import mark of $10.60 billion.
USDA will be updating their forecast for U.S. ag trade in Fiscal Year (FY) 2020 on May 29, and changes in the outlook are expected based on trade data at the halfway point of FY 2020.
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