Last week, the USDA's Foreign Agricultural Service (FAS) released its 2022 U.S. Agricultural Export Yearbook, a statistical summary of U.S. agricultural commodity exports. This update includes highlights from the report, with a focus on corn, soybeans and wheat.
The Yearbook stated that, "In 2022, U.S. exports of farm and food products to the world totaled $196 billion, topping the 2021 total (and previous record) by 11 percent ($19.5 billion). Most of this gain was due to historically high prices, as the overall agricultural export volume of bulk commodities decreased by 6 percent year-over-year."
"Soybeans, corn, beef and beef products, dairy products, cotton, and tree nuts were the top export commodities, comprising more than half of U.S. agricultural export value."
More narrowly, with respect to corn, FAS explained that, U.S. corn exports were valued at $18.6 billion in 2022, the second-highest year on record. Strong corn import demand in the European Union (EU) and China coincided with tighter exportable supplies in Ukraine, supporting record-high global commodity prices in 2022. With strong U.S. corn production and larger exportable supplies, exports to China were up modestly in value from the previous year and reached a record $5.3 billion.
China was once again the largest destination for U.S. corn. Exports to the top three destinations, China, Mexico, and Japan, accounted for 71 percent of the total. The value of U.S. exports to Canada grew significantly due to the drought on the prairies, which reduced the availability of Canadian feed supplies.
Regarding soybeans, the Yearbook noted that, "In 2022, the value of U.S. soybean exports to the world reached a record $34.4 billion, up 26 percent from the previous record set in 2021. Export value was mostly driven by growth in prices, but volumes also rose significantly on strong protein demand in most top export markets. China remained the largest export destination, with demand growing following recovery from the African Swine Fever alongside general economic recovery. Most of the remaining export growth came from Mexico, the EU, Egypt, and Japan."
To read the entire report click here.
EDITOR’S TAKE:
While volumes may not have been the highest on record for all commodities, significant price gains drove export values to all time highs. This supports the strong net farm income we witnessed in 2022. It also helps explain why farmers are in an enviable financial position overall. Exports up, prices for many commodities up, yields very favorable overall and declining input costs in late 2022, all adds up to an exceptional year. That is precisely why we encourage all CAD members to continue promoting inventory on AgTruckTrader.com. Emphasize the huge return on truck investment farmers/ranchers can realize with the use of products and services offered by our AgPack partners. Entice farmers/ranchers into your dealership with specials on parts and service and build that solid relationship with them.
