Recent USDA reports indicate that the value of U.S. agricultural exports will reach a new high in the fiscal year ending this September (fiscal 1996). The projected gain reflects rising bulk commodity sales, especially for wheat, corn, and soybeans. Red meat and poultry exports are also doing well. Agricultural exports to Mexico have rebounded from the dismal showing of the prior year that was sparked by the devaluation of the Mexican peso, and shipments to Russia have also recovered. In addition, the Federal Agricultural Improvement and Reform Act of 1996 contains several modifications that will influence agricultural exports in the future.