 For the Ag Information Network, this is your agribusiness update. After decades of substantial U.S. agricultural trade surpluses, staggering ag trade deficits over the past two years have caught the nation's attention. For fiscal year 2024, USDA's Economic Research Service estimates there will be a record $32 billion agricultural trade deficit. American Farm Bureau Federation reports this deficit follows the current record deficit of $16.7 billion set last year and would be just the fourth ag trade deficit in 50 years.