The value of U.S. ag exports rebounded sharply higher in March to $15.34 billion after slipping to $13.87 billion in February. But the big rise in exports was nearly equaled by sharp boost in the level of imports which hit a record $14.56 billion in March after having fallen to $11.86 billion in February.
The result was a trade surplus of $774 million, a sharp decline from the $2 billion surplus in February and marked the first surplus under $2 billion for Fiscal Year (FY) 2021.
The export mark also means U.S. ag exports have been valued at $15 billion or more five out of the six months so far in FY 2021.
This brings cumulative FY 2021 ag exports to $92.42 billion against imports that total $76.87 billion, for a cumulative surplus of $15.5 billion.
USDA in February forecast U.S. ag exports at a record $157 billion against imports at $137.5 billion which would also be a record. USDA will update its forecast for U.S. ag exports May 26.
Historical patterns are for U.S. ag import values to increase in the next few months while export values have typically softened