The USDA is projecting the largest ag trade deficit in more than two decades for Fiscal Year 2024 and a livestock economist says there are several contributing factors. In 2022 the US had an ag trade surplus of $1.9 billion.
University of Missouri’s Scott Brown says a big reason is the stronger US dollar. “Currencies matter right now and that’s not easy for us to fix,” he says. “You also have a number of countries where general economic situation continues to not be as strong as it was over the past few years.”
He tells Brownfield the global market is more competitive than ever.
