USDA predicts record FY21 ag exports to China, but shy of phase-one goals

The Agriculture Department expects China to import a record-setting $27 billion worth of U.S. agricultural goods in fiscal year 2021, but to fall short of the more than $40 billion year-two target for U.S. agricultural imports set in the U.S.-China phase-one trade agreement, according to a quarterly forecast issued on Monday. The forecast, last issued in August, boosted expectations for FY2021 U.S. agricultural exports to China by $8.5 billion, due in part increased Chinese demand for U.S. corn and soybeans...