Typically the USDA reports a month over month increase in Ag in October, and this year was no different. However, what was different, according to USDA analyst Bryce Cook, the total number of exports last month totaled $12.2 billion the smallest October reported since 2011. Cook said the reason October’s export figures were down so much was due to soy bean numbers. He added this October number, which is the first month of the 2019 fiscal year, soy beans made up a total of 16% of all U.S. exports.
“For the five previous Octobers, that average was 29%.”
Mostly due to the situation with China, where U.S. soy beans really being hit hard. Last October, the United States sold to China just over seven million tons of beans.
“This October, the total was only 272-thousand metric tons.”
Which is a 96% drop.
If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail email@example.com