In its latest “Outlook for U.S. Agricultural Trade” report, the USDA boosts its projection for ag exports this year, and forecasts similar numbers for 2010.

The report projects fiscal 2009 agricultural exports to reach $97.5 billion, up $1.5 billion from the last report in May. Grains and oilseeds accounted for most of this revision, with strong late-season corn shipments, higher rice values and record soybean shipments.

For fiscal 2010, the report forecasts exports at $97 billion, with lower value for bulk commodities more than offsetting gains for high-value products.

Red meats and dairy products are expected to rise $700 million with sales prospects improving as the global economy recovers.

Projections for grain exports are down $1.3 billion on lower unit values and abundant global supply. Oilseeds and products are down $800 million, based on record global production, increased supply and lower prices only partly offset by larger soybean oil shipments.

The full report is available from USDA.