U.S. farm exports will total a
6/6/2006

U.S. farm exports will total a record $67 billion for the year ending Sept. 30 thanks to higher prices and larger corn exports, the U.S. Department of Agriculture forecast last week. The new forecast was up $2.5 billion from an estimate made in February. USDA forecast agricultural imports of $65 billion for fiscal year 2006, up $1.5 billion from February.

USAgNet via Farms.com
http://www.usagnet.com/story-national.cfm?Id=1069&yr=2006

The U.S. agricultural trade surplus has shrunk rapidly since fiscal 2003, when it was $10.3 billion, compared to the $2 billion expected this year.

"A 5 million (metric) ton increase in corn and sorghum shipments and higher unit values raise coarse (feed) grain exports to $6.5 billion," the USDA said in a quarterly update. U.S. corn faces less competition from China and Argentina, and prices are rising due to strong domestic demand for animal feed and ethanol production."

As for imports, the USDA said, "Fresh produce, wine and beer continue to drive much of the growth, and vegetable oils and live cattle also are up sharply."

China will rise to the No. 4 spot for U.S. farm sales in fiscal 2006, which ends on Sept. 30, the USDA said, displacing the European Union.

China was forecast to buy $6.8 billion in U.S. farm goods, up $1.4 billion from February's estimate.

Despite the stronger than expected U.S. corn exports, according to the preliminary results of an Agricultural Dealer Survey (400+ responses)conducted by UBS, there are indications that farm equipment dealers continue to expect lower farm machinery sales in 2006, with the level of dealer optimism continuing to decline over the last six-twelve months.

May U.S. agricultural machinery sales were lower for row crop tractors (down 3.9%) and 4WD tractors (down 8.2%), but were higher for small tractors (up 4.0%), utility tractors (up 8.0%) and combines (up 5.5%). Year-to-date, row crop tractors are down 10.9% and 4WD tractors are down 15.0%, but small tractors are up 2.8%, utility tractors are up 4.6% and combines are up 3.6%.

While inventories of small tractors and utility tractors are above year-ago levels, inventories of row crop tractors, four-wheel-drive tractors and agricultural combines remain below year-ago levels.

Unit sales for tractors and combines are improving
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