Farm equipment users may be in line for a record year regarding exports, which should come as welcomed news for the Obama administration.
According to Businessweek, the U.S. Department of Agriculture's Chief Economist Joe Glauber said higher prices for grains such as corn, soybeans and wheat could lead the way in eclipsing 2008's $115.3 billion export record. He noted a ban on exports instituted by Russia is one of the driving forces that could push numbers to an all-time high.
"We very well could exceed the record if prices increase by enough," Glauber told Businessweek.
President Barack Obama has set a goal of doubling U.S. exports over the next five years. Farm products have already led the way in achieving that objective and may continue to help, given projections from the USDA.
Russia's ban on its grain exports comes as that country faced a drought that damaged production and caused a supply scare for livestock producers. Officials may revisit the idea of lifting the ban, depending on its crop outputs.
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