Record U.S. agricultural exports are providing an unexpected boost to President Barack Obama’s goal of doubling U.S. exports by 2015. Farm exports from the U.S., the world’s largest grain shipper, may top the 2008 record of $115.3 billion in 2011, according to Joe Glauber, the Agriculture Department’s chief economist.
The boom is expected to continue through 2011, with wheat prices predicted to average $7.28 per bushel and corn prices forecast to be $5.83 per bushel, according to a Bloomberg News survey.
“It’s going to be the best year American farmers have had in two and a half decades,” said Dennis Gartman, an economist and editor of the Gartman Letter in Suffolk, Va. The next big winners are obviously the fertilizer companies and farm-equipment manufacturers. The winner no one seems to be talking about is small banks in the Midwest.”