U.S. agricultural exports heading for a record.

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The Department of Agriculture revised forecast of agricultural exports for fiscal year 2004 shows sales of $61,500,000,000, an increase of $5,300,000,000 over the previous year. This level, if realized, would be the highest ever, eclipsing the standard of $59,800,000,000 set in FY1996. "This ... clearly indicates that our efforts to expand overseas market opportunities for our farmers and ranchers are working," notes Agriculture Secretary Ann M. Veneman.

Wheat and corn exports are likely to account for 50% of the jump. U.S. wheat is in high demand and is benefiting from reduced competition due to poor harvests in the European Union, Russia, and Ukraine. Corn is experiencing strong sales growth to Egypt, Colombia, Israel, and Korea.

Other commodities benefiting from large sales increases include cotton and horticultural products. Cotton sales are forecast to rise $1,500,000,000 over 2003 to...