USDA has raised the fiscal year 2005 forecast of ag exports from $56 billion to $59 billion. This would make fiscal year 2005 the third highest export sales year ever following fiscal year 2004 at $62.3 billion and fiscal year 1996 at $59.8 billion.
Canada will remain the No. 1 market for U.S. ag products at a projected $10.2 billion, while Mexico at $8.5 billion is expected to surpass Japan ($7.7 billion) for the first time. Export sales to the European Union are projected at $7 billion and China at $4.6 billion, account for the top five markets.