US Food 10-10-24

The United States imports a wide variety of foods from around the world, including: Fruits and vegetables: The US imports a large share of its fresh fruits and vegetables, including tomatoes, bell peppers, cucumbers, squash, and snap beans. Mexico is the top supplier of fresh fruits and vegetables to the US. 

Vegetable oils: The US imports canola, palm, and olive oil, which are mostly used for food. In 2022, the top suppliers were Canada for canola oil, Indonesia for palm oil, and the European Union for olive oil. 

Other foods: The US also imports fish and shellfish, fruit juices, tree nuts, dairy products, meat, and poultry. China is a major supplier of apple juice, garlic, canned mandarin oranges, fish, and shrimp. 

Sugar and tropical products: The US relies on imports for these products. 

The US imports more of some foods than it produces because of factors like seasonal availability, consumer preferences, and relative competitiveness in production. The specific items and volumes of imported foods can vary each year based on demand and international trade agreements.  

The United States produces a wide variety of foods, including: 

Crops: Corn, soybeans, barley, oats, wheat, and nuts 

Meat: Cattle, hogs, broilers, and pork 

Dairy: Milk and cheese 

Eggs: Chicken eggs 

Fruits and vegetables: Apples, potatoes, lettuce, onions, tomatoes, mushrooms, avocados, and berries 

Processed foods: Chocolate, juice beverages, beer, and pet food 

The top 10 sources of cash receipts from the sale of U.S.-produced farm commodities in 2023 are:

1. Cattle/calves
2. Corn
3. Soybeans
4. Dairy products/milk
5. Broilers
6. Miscellaneous crops
7. Hogs
8. Chicken eggs
9. Wheat
10. Hay 

The United States exports just over 20% of what it produces, with the top exports being soybeans, corn, and beef. 

Here's some information about the costs of imported food to the US:  

Import prices:  In 2021, the price of imported foods, feeds, and beverages in the US increased by 13.2%. This was the largest 12-month increase since 2011. 

Import values: In 2023, the value of agricultural imports in the US was higher than the value of exports. This is due to the value of imports growing faster than exports over the past decade. 

Import sources: The top suppliers of agricultural imports to the US are Canada, the European Union, and Mexico. 

Import benefits: Imported food can offer consumers a variety of fresh produce, especially in winter. Imported produce can also be fresher than domestically grown produce. 

Mexico is the top supplier of vegetables, including tomatoes, which make up 31% of the global share.

Canada is the largest source of imported beef and also a major supplier of seafood, including lobster, crab, and whole fish. 

Australia is a major supplier of swine hams, shoulders, and cuts. 

India is a major supplier of frozen shrimp and prawns.

Chile is a major supplier of fish fillets or meat. 

China is a major supplier of lobsters. 

The United States is expected to export a record volume of corn and wheat in 2024/25, with the following projections: 

Corn: The U.S. is expected to export 58.4 million metric tons of corn, the highest volume since 2021/22. Mexico is expected to remain the top destination for U.S. corn exports, accounting for 43% of total exports. 

As of October 1, 2024, the price of corn in the US is $4.2925 per bushel. However, the price of corn in 2024 is expected to be lower than the price in 2023, and much lower than the price in 2022: 

• 2023: The average price of corn for the 2023 crop was $4.75 per bushel. 
• 2022: The price of corn for the 2022 marketing year was $6.54 per bushel. 
• 2024: The USDA projects the average price of corn for the 2024/25 market year to be $4.40 per bushel. However, the USDA lowered this estimate to $4.20 per bushel in August 2024. 

The USDA estimates that 5.45 billion bushels of corn will be used for ethanol production in the United States in 2024–2025. This is an increase from the April 2024 forecast of 5.4 billion bushels. 

Wheat: The U.S. is expected to export 22.5 million metric tons of wheat, which is 22% ahead of last year's pace. The top destinations for U.S. wheat exports are expected to be Chile, the Philippines, Japan, Nigeria, and Guatemala. The price of corn in the United States in 2024 is expected to be around $4.40 per bushel, according to the U.S. Department of Agriculture (USDA). This is a decrease from the 2023 price of $4.75 per bushel and the 2022 high of $6.54 per bushel. 

The price of wheat in the United States is expected to be lower in 2024 than in 2023. Here are some recent updates on the price of wheat: 

• October 1, 2024: The price of wheat was $6.7913 per bushel. 
• August 2024: Farm-level wheat prices were 27.1% lower than in August 2023. 
• July 2024: The USDA ERS lowered the 2024/25 season-average farm price to $5.70 per bushel. 
• May 2024: The USDA reported a farm price of $6.19 per bushel. 
• March 2024: Wheat prices dropped sharply to below $5.30 per bushel. 

The USDA predicts that farm-level wheat prices will decrease 23.5% in 2024.

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Norb Leahy, Dunwoody GA Tea Party Leader