At the same time, exports are facing headwinds. Johansson says US agricultural exports are forecast at $141.5 billion for fiscal year 2015, down from last year.
Lower meat and poultry prices in the offing?
Lower costs for both fuel and feed grain will likely result in a big increase in meat and poultry production in 2015, which may bring down prices. USDA Chief Economist Robert Johansson predicts a record-high 95 billion pounds of meat and poultry production this year. Speaking at USDA’s Annual Outlook Conference, Johansson said US cattle producers increased the number of beef cows by 2 percent from January 2014 to January 2015.