# USDA lowers ag trade forecast for FY 2023 | Agri-Pulse Communications, Inc.

> USDA cut its FY2023 forecast for U.S. agricultural export value to $181 billion, down $3.5 billion from February, and projected a $17 billion trade deficit. Corn exports were cut $2.1 billion to $14.5 billion amid Brazilian competition, and wheat exports were cut $900 million to $7.4 billion due to smaller winter wheat production from drought.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/5571-usda-lowers-ag-trade-forecast-for-fy-2023-agri-pulse-communications-inc
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Lower projected US corn and wheat export volumes reduce demand and weigh on prices, while the drought-hit winter wheat crop offers some support for wheat.

## Read by commodity

- SOY: bullish ▲
- CORN: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-11-30 | [US cuts billions of dollars off of FY 23 ag export forecast \| 2022-11-29 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/14889-us-cuts-billions-of-dollars-off-of-fy-23-ag-export-forecast-2022-11-29-agri.md) | -3.9% | +1.9% |
| 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% |
| 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 | 2024-08-28 | [Ag trade deficit to grow in FY25, as Chinese market shrinks  \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/14730-ag-trade-deficit-to-grow-in-fy25-as-chinese-market-shrinks-agri-pulse.md) | +4.4% | +6.8% |
| CORN | 2019-05-10 | [Article Headline \| 2019-05-10 \| Agri-Pulse \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/59045-article-headline-2019-05-10-agri-pulse-agri-pulse-communications-inc.md) | +5.8% | +12.3% |
| WHEAT | 2022-03-09 | [USDA forecast larger wheat stocks despite war, but warns of uncertainty \| 2022-03-09 \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/42242-usda-forecast-larger-wheat-stocks-despite-war-but-warns-of-uncertainty-2022-03.md) | -3.1% | +3.6% |
| WHEAT | 2018-03-29 | [Farmers plan to cut corn, soybean acreage, USDA says \| 2018-03-29 \| Agri-Pulse \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/66030-farmers-plan-to-cut-corn-soybean-acreage-usda-says-2018-03-29-agri-pulse-agri.md) | +1.5% | +4.9% |
| WHEAT | 2021-12-09 | [USDA maintains corn, soybean stocks estimates, gives bearish wheat figures in December WASDE \| Agri-Pulse Communications, Inc.](https://feedsoft.ai/events/43523-usda-maintains-corn-soybean-stocks-estimates-gives-bearish-wheat-figures-in.md) | -6.6% | -3.3% |

## Sources

- agri-pulse.com: https://www.agri-pulse.com/articles/19496-usda-lowers-ag-trade-forecast-for-fy-2023

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