U.S. well positioned in global market
USDA’s Chief Economist said the U.S. is well positioned in the global trade market moving forward, benefiting farmers.
Seth Meyer tells Brownfield he expects fiscal year 2022 to be a record year for U.S. export value, even if volumes decline.
“Some things, like soybeans, we might expect a little more to go out, corn a little less to go out,” he said. “But the solidity of an expectation will push us even a little bit higher in terms of overall export value for our agricultural commodities.”
Meyer said crop and livestock producers are in a solid demand period with China at the forefront.
“That has not been the only support, you know, we characterized ‘hey China has been buying a lot’,” he said. “Alternatively, the folks we normally trade with in addition to China haven’t backed off as prices have risen, and domestic demand for a lot of products has been really great.”
Meyer said the Phase One trade deal has provided a framework and supported domestic prices but says ‘China kind of does what China wants to do’.
Meyer presented at Missouri Farm Bureau’s Commodity Conference in Jefferson City, Missouri Friday.