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U.S. likely to see smallest farm surplus in 30 years

(Friday, Sept. 3, 2004 -- CropChoice news) -- USAgNet, 08/30/04
Slipping exports and rising imports of agricultural products in the coming fiscal year will give the United States its smallest farm trade surplus since 1972, according to government projections issued on Thursday. U.S. farmers will export $57.5 billion worth of agricultural products in fiscal 2005, down $4.5 billion from the record expected for the current fiscal year, the U.S. Agriculture Department said.

High oil prices, increased foreign competition, and bigger world wheat and cotton crops next year will hurt American farm exports, the USDA said in its first look at fiscal 2005 exports.

The new fiscal year will begin on Oct. 1. Exports are an essential component of U.S. agriculture, accounting for about 25 cents of every dollar in American farm receipts.

Exports of U.S. grain and feed were estimated at $16.1 billion in 2005, down $1.7 billion from this year.

Source: http://www.usagnet.com/story-national.cfm?Id=906&yr=2004