CHICAGO, Feb. 21 (Xinhua) -- Secretary of Agriculture Ed Schafer announced Thursday that U.S. agricultural exports are forecast to reach a record 101 billion U.S. dollars for fiscal year 2008, up 10 billion dollars from November's forecast and an unprecedented 19 billion dollars above 2007.

    Schafer said in a speech at the U.S. Department of Agriculture Agricultural Outlook Forum, "Based on current market conditions, bulk grains, oilseeds, and cotton exports should rise 13.2 billion dollars and account for 70 percent of the overall increase in export value for 2008. Higher prices account for most of this increase, but export volumes are also generally higher."

    Foreign economic growth continues to support gains in consumer incomes and growth in the size of the middle class, particularly in the emerging markets. These consumers tend to spend more on food as their incomes rise, including food imported from the United States.

    The weaker dollar makes U.S. products very price competitive compared to other suppliers. At the same time, tighter competitor stocks further raise demand for U.S. wheat and corn.