Amid a generally gloomy outlook in the USDA’s export forecast, there is optimism for certain products.
While bulk exports might not be trending upward, other sectors like livestock products are holding steady. According to USDA’s Chief Economist, there is a notable increase expected in dairy, poultry, beef, and pork exports. There may be some promising outlooks for fruits, vegetables, and even non-food products like ethanol.
“Through ethanol, we’re talking about a $3.5 billion export rising to $4 billion in 2024. That’s about a 15% increase year over year in the overall value of ethanol exports,” said Seth Meyer.
Meyer suggests that ethanol exports for the current year have the potential to equal the record set in 2022 in terms of value. Exports could surpass the volume record of 1.6 billion gallons set in 2018.
