AgLetter: December 1997

U.S. agricultural exports retreated in both value and tonnage terms during the fiscal year that ended September 1997. The value of U. S. agricultural exports declined to $57.3 billion, down 4 percent from the year before but still the second highest on record. In terms of volume, some 147.3 million metric tons of agricultural products were exported in fiscal 1997, down 7 percent from the year before. Despite mounting problems in many Asian countries, USDA projections suggest that agricultural exports in the current fiscal year will edge higher, the pattern so far has been mixed. Soybean exports are off to another strong start while corn shipments remain sluggish.