Ag Exports to Flatline as Headwinds Abound in 2023

U.S. exports reached record highs in 2022, however, looking ahead to 2023, it’s likely exports will plateau amidst ongoing uncertainties in agriculture. USDA forecasts exports at $193.5 billion for fiscal year 2023, down slightly from the record $196 billion projected in the Sept. 30 forecast for 2022. Farm exports will see serious headwinds in 2023, leading to a flat trade picture for most ag products.

Volatility will stem from ongoing warfare in Ukraine, inflation, global economic gyrations, supply chain challenges, possible trade disputes and damaging weather. And issues like sourcing and paying for sky-high fertilizer expenses will remain in 2023, as well.

All eyes are also on Mexico which has yet to reveal its true plans on the potential ban of genetically engineered corn from the U.S.

Read more on 2023 export predictions here.