The best economic relief for America's farmers and ranchers will be to increase export sales. Support for these programs reinforces the message of a strong U.S. commitment to remain competitive in the world market. We appreciate your leadership and support and look forward to working with you on this important issue. Much of the gain in quantity occurred in May and June 1999, as exports rose with the shipment of aid to Russia. June 1999 exports equalled 2.5 million tons, exceeding the 2.3 million shipped in May, and well over the 1.8 million tons shipped in each month in May and June 1998.
Corn has the rosiest export picture of the bulk commodities.
The United States' success in 1999 corn shipments reflects a reduction in export competition from 1998. The first sale of ag products to Iran under new sanctions regulations was announced last week. Iran purchased 50,000 metric tons of corn the first week in August. This marks the first sale to Iran since the tightening of sanctions in 1995. The U.S. Commerce Department released the June trade deficit numbers.