USDA Pegs Farm Exports at $61.5 Billion

American farmers will export a record $61.5 billion worth of agricultural products in fiscal 2004, despite a sharp drop in beef exports because of mad cow disease, the U.S. Department of Agriculture said.

U.S. imports of farm goods from other nations were estimated at a record $51.5 billion for fiscal 2004, up $5.8 billion from last year, the USDA’s Economic Research Service said in its quarterly forecast of farm trade.

“The improved [export] outlook is due to favorable exchange rates, strong global economic growth, reduced competition for wheat, corn and cotton markets, and China’s robust demand for oilseeds and cotton,” the USDA said.