U.S. agricultural exports in fiscal year (FY) 2021 are projected at $164.0 billion, up $7.0 billion from the February forecast, led by increases in corn, soybeans, and livestock, poultry, and dairy products. Corn exports are forecast $3.2 billion higher to $17.2 billion due to record volume and higher unit values, driven by strong demand and reduced competition. Soybean exports are projected up $1.5 billion to $28.9 billion as volumes are forecast at record levels and demand from China remains strong. Overall livestock, poultry, and dairy exports are projected to increase to $34.2 billion, $1.6 billion higher than the February projection, due to increases in the dairy, pork, and beef forecasts. Dairy exports are forecast at $7.0 billion, up $500 million due to higher volumes and unit values, particularly for skimmed milk powder and whey and whey products. The forecast for pork exports is up $400 million, on higher unit values and recovering demand in several markets. Beef and veal, beef and pork variety meat, and poultry and product exports are projected up $200 million each. Cotton exports are forecast up $200 million on higher volumes. The forecast for horticultural exports is reduced by $400 million to $34.1 billion due to lower tree nut unit values.
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