According to USDA’s Economic Research Service’s agricultural trade projections, U.S. ag exports are projected to total $141.5 billion in fiscal year (FY) 2019, while ag imports are expected to total $127 billion. This would indicate a trade surplus of $14.5 billion.
The fall off in worldwide farm machinery sales has shown up in the export of U.S.-made ag equipment, according to a June 5 report from the Assn. of Equipment Manufacturers.
While the unpredictability of commodity prices in the past year have given some cause for concern, the fact remains U.S. agricultural fundamentals continue to support the long-term health of the industry.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.