U.S. Farm Exports On Track For Record

A booming Asian market will help push U.S. farm exports to a record $53 billion in the fiscal year ending Sept. 30, the Agriculture Department says, increasing its May forecast by $1.5 billion.

What’s more, 1996 exports should top that record, hitting $54.5 billion, the department’s Economic Research Service said Thursday.

The improved forecast for 1995 reflects strengthening export prices for grains and rising foreign demand for U.S. corn, soybeans and soybean oil, red meat and poultry.

Export volume is expected to reach 163.1 million metric tons, the highest since 1980, largely because of higher shipments of bulk products like wheat, corn and soybeans.