# US cuts billions of dollars off of FY 23 ag export forecast | 2022-11-29 | Agri-Pulse Communications, Inc.

> USDA cut its fiscal 2023 US agricultural export forecast by $3.5 billion to $190 billion, mainly on weaker soybean sales. The China export forecast fell $2 billion to $34 billion amid stronger competition from South America.

- Date: 2022-11-30 · published 2022-11-30T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/14889-us-cuts-billions-of-dollars-off-of-fy-23-ag-export-forecast-2022-11-29-agri
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Cottonseed Meal](https://feedsoft.ai/c/CSM.md), [Sorghum](https://feedsoft.ai/c/SORGHUM.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Lower expected soybean and sorghum exports to China, plus record Brazilian crop prospects, weigh on US soybean and sorghum prices. A weak Brazilian real makes South American beans cheaper.

## Read by commodity

- CSM: bearish ▼
- SOY: bearish ▼
- CORN: bearish ▼
- USDBRL: bearish ▼
- SORGHUM: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2023-05-31 | [USDA lowers ag trade forecast for FY 2023 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/5571-usda-lowers-ag-trade-forecast-for-fy-2023-agri-pulse-communications-inc.md) | -1.8% | +0.1% |
| CORN | 2021-09-10 | [USDA raises corn and soy yield forecasts, pushing down price expectations \| 2021-09-10  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/45108-usda-raises-corn-and-soy-yield-forecasts-pushing-down-price-expectations-2021.md) | +1.1% | -1.9% |
| CORN | 2020-02-20 | [USDA: Mixed 2020 farm outlook on small export increase, record production \| 2020-02-20  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/54621-usda-mixed-2020-farm-outlook-on-small-export-increase-record-production-2020-02.md) | -2.4% | -7.1% |
| CORN | 2019-08-12 | [USDA trims corn, soybean acres off June estimates \| 2019-08-12 \| Agri-Pulse \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/11741-usda-trims-corn-soybean-acres-off-june-estimates-2019-08-12-agri-pulse-agri.md) | -6.0% | -8.6% |
| CORN | 2021-01-06 | [USDA: Mexican stance against GMO hurts farmers \| 2021-01-05  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/49132-usda-mexican-stance-against-gmo-hurts-farmers-2021-01-05-agri-pulse.md) | +5.2% | +12.7% |
| SOY | 2021-09-10 | [USDA raises corn and soy yield forecasts, pushing down price expectations \| 2021-09-10  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/45108-usda-raises-corn-and-soy-yield-forecasts-pushing-down-price-expectations-2021.md) | +3.0% | -0.9% |
| SOY | 2019-11-08 | [Nation's corn crop is shrinking \| 2019-11-08  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/56017-nation-s-corn-crop-is-shrinking-2019-11-08-agri-pulse-communications-inc.md) | -2.7% | -3.8% |
| SOY | 2021-01-06 | [USDA: Mexican stance against GMO hurts farmers \| 2021-01-05  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/49132-usda-mexican-stance-against-gmo-hurts-farmers-2021-01-05-agri-pulse.md) | +5.3% | +1.6% |

## Sources

- farmpolicynews.illinois.edu: https://farmpolicynews.illinois.edu/2022/11/usda-lowers-fy-2023-forecast-for-u-s-agricultural-exports/
- agri-pulse.com: https://www.agri-pulse.com/articles/18560-us-cuts-billions-of-dollars-off-of-fy-23-ag-export-forecast

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.