As per the USDA’s quarterly report titled “Outlook for US Agricultural Trade”, the country’s agricultural exports in FY 2021 are projected at $140.5 billion, up $5.5 billion from the revised forecast for FY 2020, mainly driven by higher exports of soybeans and corn.

As per the report, soybean exports are forecast up $4.2 billion to nearly $20.4 billion thanks to strong demand from China and reduced competition from Brazil.

And corn exports are projected to $9 billion owing to higher export volume.

The report also noted that “the forecasts are based on policies in effect at the time of the August 12 World Agricultural Supply and Demand Estimates release and the U.S. production forecast thereof.”