5. Exports of soybeans, vegetable oils, and tallow reached new highs; lard, second highest in postwar period

Exports of soybeans in fiscal year 1960, at 133 million bushels, were encouraged by strong foreign demand for protein oilseed cakes and meals in the summer and fall of 1959, large exportable supplies of U.S. soybeans available at competitive prices, and reduced foreign supplies of other oilseeds and oils. The continuing strong demand for cottonseed and soybean oils enabled the United States to ship a record 1,601 million pounds of these oils in 1960. The substantial increase over 1959 was mainly in dollar sales. U.S. protein meal exports totaling 867,000 short tons were unusually heavy in 1960. Record exports of tallow totaling 1,569 million pounds reflected ample U.S. supplies at competitive prices. Increased hog slaughter with accompanying lower prices resulted in exports of 674 million pounds, largest since 1952. In addition, shipping most of the lard in tankers reduced the price in the foreign market by about 10 percent.

6. Cotton shipments were the second largest in 26 years

There was a substantial increase in exports of cotton in fiscal year 1960. Exports totaled 6.6 million running bales-the second highest in over a quarter century and more than twice the 3.3 million bales exported a year earlier. Europe, the largest outlet for U.S. cotton, took 3.1 million bales; Japan, 1.7 million; India, 400,000; and Canada, Hong Kong, and Korea, 300,000 each. Principal factors in last year's gain were the rising consumption in major textile manufacturing countries following the 1958 textile recession, ample supplies of U.S. cotton available at competitive prices, small exportable supplies in major foreign producing countries, and some inventory rebuilding in the major textile manufacturing countries.

7. Shipments of wheat and rice were next to the largest on record

Exports of wheat and flour of 512 million bushels in fiscal year 1960 were the second highest on record and 69 million larger than a year earlier. The gain reflected larger shipments under title I of Public Law 480. The export rise occurred primarily in increased shipments to United Arab Republic-Egypt, Brazil, Poland, Pakistan, Turkey, and Uruguay. India, the largest foreign outlet, took 116 million bushels compared with 122 million in 1959. The large crop of good quality wheat in Europe, particularly in France, resulted in a considerable decline in U.S. exports to that area.

Milled rice exports of 20.2 million bags were 44 percent larger than the 14 million in fiscal year 1959 but 23 percent below the 26.2 million record in 1957. The increase occurred in spite of the continued upward trend in rice production in the Far East, where much U.S. rice has moved in some recent years under Government programs. Title I Public Law 480 sales accounted for over half of last year's rice exports and was the main factor in attaining the second largest volume on record. The major foreign outlets were Western Europe, Indonesia, Cuba, and India. Exports to Cuba were about one-fourth less than in 1959.

8. Over two-thirds of last year's exports went to 14 countries

The value of U.S. exports to the countries listed in the following table ranged from $475 million for the United Kingdom to $74 million for the Republic of Korea (chart No. 3). The five best markets-the United Kingdom, Japan, Canada, West Germany, and the Netherlands-accounted for over half of the value gain last year. The top five each took over $300 million of U.S. farm products, and all were important dollar markets. The other countries which took more U.S. farm products included India, Italy, Belgium, France, United Arab Republic-Egypt, Poland, and Venezuela. Declines occurred in exports to Cuba and the Republic of Korea.

(The chart referred to may be found on facing page.)

UN agric wilmadi va porta by country of destination, fiscal years 1959 and 1960

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CTN că munches. Benced programs accounted for 29 percent of fiscal year 1960

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