The U.S. Department of Agriculture’s (USDA) quarterly trade outlook released last week shows that U.S. agricultural exports continue at a record-setting pace for fiscal year 2021 and forecasts that fiscal year (FY) 2022 exports will eclipse the current year’s total. The August forecast is the USDA’s first look at expected exports for FY 2022.

The FY 2021 forecast of $173.5 billion is $33.8 billion, or 24%, higher than the FY 2020 final total and nearly $17 billion above the previous record set in FY 2014. Factors underpinning the...