U.S. agricultural exports in fiscal 1999, through February, total $22 billion.  That's a significant 14% less than the first five months of fiscal 1998.  February exports, says USDA, were 18% below the level achieved a year earlier.  "Bulk exports continue to show much greater declines than high-value product exports," the report adds.

Through February, bulk exports were $4.3 billion, less than half those of the same period in 1998.  Soybeans, cotton and wheat suffered most.  Some of the decline is from lower prices, "but much is due to strong export competition," says USDA.

Corn export have increased this year in contrast to other bulk commodities.  The quantity of cumulative corn exports has increased 28% from 1998 to 20 million tons, and value has increased 5% to nearly $2 billion.  The smaller gains in value reflect lower corn prices than last year.  But export competition is reduced as exports from Argentina, South Africa and China are expected to decline.

Although wheat exports to date are 3% more than 1998, lower prices have forced export value down 14% to $1.5 billion.  Export competition from Argentina and Canada should decline this year, but only a slight decline is expected in competition from Australia and the European Union.  Weak demand also slowed exports.

Soybean exports show the sharpest decline as record 1998 production and expected near-record 1999 production in Argentina and Brazil add to global supplies.  Soybean exports of $2.8 billion and 13.2 million tons are off 38% and 23% compared with the same period in 1998.