U.S. AGRICULTURAL TRADE UPDATE April 25, 1996 Approved by the World Agricultural Outlook Board ----------------------------------------------------------------------------- U.S. AGRICULTURAL TRADE UPDATE is published monthly by the Economic Research Service, U.S. Department of Agriculture, Washington, DC 20005-4788. FAU-0496. Subscriptions to the printed version of this update are available from the ERS-NASS order desk. Call, toll-free, 1-800-999-6779 and ask for stock #FAU, $20/year. ERS-NASS accepts MasterCard and Visa. ----------------------------------------------------------------------------- Exports - February 1996 U.S. agricultural exports totaled $5.3 billion, 4 percent less than January 1996, but nearly 10 percent higher than February 1995. Poultry meat exports gained significantly in February, rising 46 percent to $211 million because of increased shipments to Russia. Shipments to Russia totaled 124,000 tons valued at $114 million. Shippers moved more poultry meat to Russia in February because of expected disruptions in poultry exports due to Russia's sanitary regulations that were scheduled to become effective in March. October 1995-February 1996 exports totaled $26.5 billion, 14 percent higher than during the same period in fiscal 1995. High-value product exports rose 3 percent to $13.4 billion, but bulk exports jumped 27 percent to $13.1 billion to lead export value growth thus far in fiscal 1996. Bulk shipments totaled 55.6 million tons, about the same as last year, but much higher commodity prices due to very tight supplies led to the sharp increase in prices and export value. The average wheat, corn, and soybean export price in February rose to $211, $153, and $283 per ton, respectively. In February 1995 these prices were $158, $109, and $223 per ton. February wheat shipments totaled 2.5 million tons, valued at $524 million. The leading markets were Egypt, the former Soviet Union, and Japan (see table 2). At 13.8 million tons, wheat shipments during October 1995-February 1996 were slightly higher than a year earlier. Corn shipments totaled 4.1 million tons in February as the demand slowed compared with the first 4 months of fiscal 1996. Japan, South Korea, and Mexico were the leading buyers in February. Year-to-date corn shipments totaled 24.6 million tons, 5 percent higher than in fiscal 1995. But corn export value rose 45 percent to $3.5 billion on higher prices. Soybean exports in February were 2.3 million tons compared with 2.5 million tons a year earlier. Year-to-date shipments were 12 million tons, 5 percent lower than in fiscal 1995, but value was 18 percent higher at $3.2 billion. The major markets in February were the European Union, Japan, and Mexico. Cotton exports totaled 282,000 tons in February, but stronger export prices than a year earlier boosted value. Year-to-date shipments were 1.1 million tons valued at nearly $2 billion. China purchased 119,000 tons of U.S. cotton in February, followed distantly by Japan and Indonesia. Cotton exports to China were more than 300,000 tons through February, 17 percent higher than last year. Imports - Agricultural imports dipped 2 percent from January to $2.6 billion, but increased 6 percent over a year ago. Compared with February 1995, tobacco and cocoa imports were particularly strong, jumping 120 percent to $52 million and 46 percent to $139 million, respectively. October 1995-February 1996 imports totaled $12.6 billion, 6 percent higher than in fiscal 1995. Increased beer and wine, cocoa, fruit, and rubber accounted for most of the gain. Fiscal 1996 import growth has been slowed by reduced or flat imports of major commodities such as beef, coffee, and vegetables. Year-to-date beef import value was down 18 percent to $530 million, coffee down 14 percent to $1.3 billion, and vegetable imports were unchanged at $1.4 billion. (Joel Greene, 202-219-0816) Fiscal 1995 State Export Estimates -California was the leading agricultural exporter in fiscal 1995 with an estimated value of $7.1 billion, and was the leading exporter of fruit, tree nuts, and vegetables. Iowa ranked second at nearly $4 billion, and was the leader in feed grain and soybean exports. Illinois was third, followed by Texas, Nebraska, Kansas, Minnesota, Washington, Indiana, and Arkansas (see table 6). The export estimates are primarily based on State production shares because exports are not reported by point of origin. The fiscal 1995 estimates are available on the ERS Autofax system. The fax number is 202-219-1107, and the document number is 16010. The tables and accompanying text will be published in the April/May/June issue of the Foreign Agricultural Trade of the United States (FATUS). END-END-END