Market Watch

U.S. beef and pork exports opened 2021 below the large volumes posted a year ago, according to January data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports totaled 105,047 metric tons (mt) in January, down 2% from a year ago, while value slipped 3% to $653 million. The decline was due mainly to lower beef variety meat shipments, as muscle cut exports were steady with January 2020 at 81,398 mt, valued at $584.4 million (down 1%) and accounted for a larger share of production than a year ago. January beef exports were very strong to South Korea and continued to gain momentum in China. Following a down year in 2020, exports also rebounded to the Middle East. January pork exports totaled 248,656 mt, down 9% from a year ago but slightly above USMEF's projections. Export value was down 13% to $642.8 million. Pork muscle cut exports were down 11% in volume (208,234 mt) and 15% in value ($551.3 million), while pork variety meat shipments trended modes...

August exports of U.S. beef and pork muscle cuts were above last year's strong volumes, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Variety meat exports were lower than a year ago, due in part to the lack of available labor required to harvest and export some items. Led by record-large demand in South Korea and Taiwan, beef muscle cut exports were the largest in more than a year at 89,148 metric tons (mt), up 3.5% year-over-year, while export value increased slightly from a year ago to $611 million. August muscle cut exports also set new records in China and Indonesia and beef exports to Canada continued to gain momentum. Combined beef/beef variety meat exports were 109,752 mt in August, down 4.5% from a year ago. Export value was $673.8 million, down 2% from a year ago but the highest since March. For January through August, beef muscle cut exports were 6% below last year's pace in volume (627,248 mt) and 9% lower in value ($4....

As cotton and cotton-related products are discretionary items, COVID-19 has significantly impacted demand for cotton. The greatest decline in consumption has been observed in China and India. Retail sales in clothing and clothing accessories in the U.S. experienced an  87% decline in April  from the previous year. With the anticipation of a decline in consumers’ consumption of apparel, the recovery of the spinning industry is anticipated to be slow. Slightly lower production, reduced consumption and higher beginning and ending stocks are projected for the 2020 cotton crop globally. World cotton production in 2020 is forecast at 118.7 million bales, 3% (4.2 million bales) below the previous year. Global cotton mill use is forecast at 114.4 million bales in 2020, 11.5% (12 million bales) above 2019, but still significantly lower than 2017 and 2018 levels. The world ending stocks are also projected at 104.7 million bales, the second-highest level on record. U.S. cotton pro...

September exports of U.S. beef were steady with last year in volume but export value trended lower, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports were above year-ago levels in September but pulled back from the large totals posted in June, July and August. September beef exports totaled 109,799 metric tons (mt), essentially even with last year, valued at $661.3 million (down 4%). Through the first three quarters of the year, beef exports were 2% below last year's record pace in both volume (991,325 mt) and value ($6.1 billion). Beef export value per head of fed slaughter averaged $318.54 in September, up significantly from the previous month but still 5% below last year. The January-September average was down 3% to $310.77. September exports accounted for 14.6% of total U.S. beef production and 11.9% for muscle cuts only, down from 14.8% and 12.4%, respectively, last year. Through the first three quarters of the year...

U.S. beef exports remained on a record-shattering value pace in October, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). October pork exports trended seasonally higher compared to recent months but were still below the results posted in October 2017. Lamb export volume in October more than doubled year-over-year, while value increased nearly 50 percent. October pork export volume was 207,725 mt, the largest since May but still 2 percent lower year-over-year, reflecting smaller variety meat exports. Export value ($536.5 million) was also the largest since May but still down 5 percent from a year ago. For January through October, pork exports were 1 percent above last year’s record pace at 2.02 million mt, while value was also up 1 percent to $5.33 billion. For pork muscle cuts only, January-October exports increased 5 percent from a year ago in volume (1.63 million mt), valued at $4.43 billion (up 2 percent). Source: U.S. Meat Export Fed...

U.S. beef exports set new records in August with export value topping $750 million for the first time, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). August pork exports were fairly steady with last year’s volume, but retaliatory duties in key markets continued to pressure pork export value. August beef exports totaled 119,850 metric tons (mt), up 7 percent from a year ago, valued at $751.7 million – up 11 percent year-over-year and easily exceeding the previous record of $722.1 million reached in May 2018. For January through August, beef exports totaled 899,300 mt, up 9 percent from a year ago, while value climbed 18 percent to $5.51 billion. August exports accounted for 13.2 percent of total beef production, up from 12.5 percent a year ago. For beef muscle cuts only, the percentage exported was 11.2 percent, up from 10.4 percent last year. For January through August, exports accounted for 13.5 percent of total beef production and 1...

July exports of U.S. pork and beef were higher than a year ago, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Export value results were mixed, with beef exports posting another near-record month while pork export value declined, reflecting the impact of retaliatory duties imposed by Mexico and China. Pork exports totaled 176,413 metric tons (mt) in July, up 1.5 percent from a year ago, valued at $465.3 million – down 5 percent year-over-year and the lowest monthly value since February 2016. For the first seven months of the year, pork exports remained 2 percent ahead of last year’s record volume pace at 1.45 million mt, while value was up 3 percent to $3.83 billion. Led by spectacular performance in South Korea and strong growth in Japan, Taiwan and Latin America, July beef exports climbed 12 percent in volume to 116,575 mt, valued at $722 million – up 16 percent from a year ago and just slightly below the May 2018 record of $722.1 mi...

As a result of the March 29th USDA Prospective Plantings and Grain Stocks reports, the outlook for U.S. corn supply‐demand and prices has changed somewhat for both the “old crop” 2017/18 and “new crop” 2018/19 marketing years.   With lower 2018 U.S. corn planted acres forecast in the Prospective Plantings report than previous USDA projections or market expectations, prospects for 2018 U.S. corn production has been reduced.  At the same time, higher than expected U.S. March 1st corn stocks in the Grain Stocks reporthave signaled lower than expected usage of corn for livestock feeding during December‐February 2018 and in “old crop” MY 2017/18 than has been anticipated. Following these USDA’s March 29th reports, “old crop” MAY 2018 CME corn futures prices have traded sharply higher.  The day of the reports, MAY 2018 corn futures opened at $3.73 ¾, trading as high as $3.89 ¼ per bushel before closing up $0.14 ¼ for the day at $3.87 ¾.  “New crop” DEC 2018 cor...

January exports of U.S. beef were significantly higher than the large totals of a year ago while pork exports were steady in volume and increased in value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports totaled 105,486 metric tons (mt) in January, up 9 percent year-over-year, while export value surged 21 percent to $624.4 million. Exports accounted for 12.4 percent of total beef production in January, up slightly from a year ago. For muscle cuts only, the percentage exported increased from 9.5 percent to 10.1 percent. Beef export value averaged $293.06 per head of fed slaughter, up 14 percent year-over-year. January pork exports totaled 203,488 mt, steady with last year’s strong volume, while export value increased 7 percent to $545.6 million. Pork exports accounted for 24.7 percent of total pork production, down from 26.2 percent a year ago. For muscle cuts only, the percentage exported declined slightly to 21.5 percent....

U.S. pork exports remained ahead of last year’s record volume pace, and beef exports are poised to break $7 billion this year for only the second time, according to October export results released by USDA and compiled by the U.S. Meat Export Federation (USMEF). October pork exports were the largest since May, totaling 211,592 metric tons (mt), up 5 percent from a year ago, valued at $565.4 million, up 8 percent. Through the first 10 months of the year, pork exports increased 8 percent in volume (2.005 million mt) and 10 percent in value ($5.28 billion) from the same period last year. Exports accounted for 25.4 percent of total pork production in October (steady with last year) and 21.6 percent for muscle cuts only (up slightly from a year ago). For January through October, these ratios increased about one percentage point from a year ago to 26.4 percent of total production and 22 percent for muscle cuts. October export value averaged $51.41 per head slaughtered, up 9 percent fro...

U.S. beef exports remained well above last year’s pace in July, posting one of the highest monthly export value totals on record, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). July pork export volume dipped below its year-ago level for the first time in 15 months, with export value also down slightly. July beef exports totaled 104,488 metric tons (mt), up 5 percent year-over-year, while export value reached $623.7 million – up 18 percent from a year ago and the highest since December 2014. For January through July, exports increased 11 percent in volume (711,364 mt) and 15 percent in value ($3.97 billion) compared to the first seven months of last year. Exports accounted for 13.2 percent of total U.S. beef production in July and 10.7 percent for muscle cuts only. These were the highest ratios of 2017, but down from 14.2 percent and 11 percent, respectively, last July. For January through July, beef exports accounted for 12.8 pe...

U.S. pork and beef exports posted a strong May performance, increasing significantly from the previous month and from year-ago levels, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports reached 222,015 metric tons (mt) in May, up 11 percent year-over-year and the fourth-largest monthly volume on record. Pork export value was $583.2 million, up 16 percent. For January through May, exports increased 14 percent from a year ago in volume (1.05 million mt, a record pace) and 18 percent in value ($2.68 billion). Even with the growth in U.S. pork production, exports account for a larger share in 2017. May exports equated to 29.4 percent of total production and just under 25 percent for muscle cuts only – up from 28.4 percent and 24.3 percent, respectively, last year. Through the first five months of 2017, exports accounted for 27.9 percent of total production and 23.2 percent for muscle cuts (up from 25.2 percent and 21.3 perce...

U.S. red meat exports continued to build momentum in November, highlighted by a new monthly volume record for pork exports. Both pork and beef exports exceeded year-ago levels by more than 20 percent in both volume and value, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November pork exports totaled 225,757 metric tons (mt), up 24 percent year-over-year and breaking the previous record (218,132 mt) set in October 2012. Export value was $586.8 million, up 30 percent from a year ago and the highest since May 2014. For January through November, pork export volume was up 7 percent from a year ago to 2.09 million mt, while export value increased 5 percent to $5.38 billion. Even with U.S. pork production reaching record levels, exports are accounting for a larger share. November export volume equated to 28 percent of total production and 23 percent for muscle cuts only – substantial increases over the November 2015 ratios of 24 perce...

U.S. red meat exports ended the first half of 2016 on a positive note, as June export values for both pork and beef were the highest of the year. June also marked the second consecutive month of solid year-over-year volume growth, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Pork exports reached 187,939 metric tons (mt) in June, up 8 percent from a year ago, while export value increased 11 percent to $505.4 million. For the first half of the year, pork export volume was up 2 percent to 1.1 million mt, but value was down 4 percent to $2.77 billion. Exports accounted for 26 percent of total pork production in June and 22 percent for muscle cuts only – each up one percentage point from a year ago. For January through June, these ratios were 25 percent and 21 percent, respectively, up slightly from last year. Export value per head slaughtered was $52.83 in June – up 10 percent from a year ago. First-half per-head value was $48.34, ...

March exports of both U.S. beef and pork increased year-over-year in volume, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). March export values were lower than a year ago but trended upward, with both reaching a 2016 high. Beef exports totaled 89,482 metric tons (mt) in March, up 3 percent from a year ago and pushing first-quarter volume to 254,986 mt – up 2 percent. March export value was $483.3 million, down 8 percent from a year ago but the highest since December. For the first quarter, export value was $1.36 billion – down 13 percent from the same period last year. While lower beef prices pushed export values below year-ago levels in most destinations, Korea and Taiwan stood out as top performers. For the first quarter, exports to Korea increased 25 percent from a year ago in volume (34,638 mt) and were steady in value at $205 million. Exports to Taiwan increased 20 percent to 7,634 mt, while value climbed 3 percent to $66.4 ...

U.S. pork exports showed modest improvement in September while beef exports endured the most difficult month in some time, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). September pork export volume was up 6 percent from a year ago to 172,012 metric tons (mt). Export value was $456.1 million, down 11 percent year-over-year but the highest since May. Pork exports through the first nine months of the year declined 4 percent in volume (1.58 million mt) and 17 percent in value ($4.21 billion) compared to January-September 2014. Beef export volume fell 21 percent from a year ago in September to 79,474 metric tons (mt) and value was down 28 percent to $456.6 million – the lowest since January. For the first nine months of 2015, exports were down 12 percent in volume (782,705 mt) and 8 percent in value ($4.8 billion). Exports to Mexico, the leading volume destination for U.S. pork, fell slightly in volume in September but climbed 5 pe...

In an effort to ramp up local and regional food efforts, USDA Market News of the Agricultural Marketing Service is now issuing a local beef report for the state of Vermont each month. Two Market News reporters recently ventured to the Green Mountain State to meet with existing customers and recruit new ones.  Trekking all throughout the state, they visited a total of 10 farms, talked to numerous people about grass-fed beef, and learned about how Market News can better serve this sector of the industry. USDA Market News reporters gather price and volume data from a number of small producers throughout the state, publishing these locally-raised beef prices and offering general commentary about the market in monthly Market News reports. Being the first of its kind, this report is pioneering the way beef is marketed. It provides local price information for farmers, increases transparency in the marketplace, and enables institutions – such as banks and insurance companies – to pro...

Export value for both U.S. beef and pork reached new heights in 2014, posting double-digit gains over the previous year’s totals, according to statistics released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef export value was $7.13 billion – an increase of 16 percent (and nearly $1 billion) over the previous record set in 2013. Export volume was just under 1.2 million metric tons (mt) – which was short of the 2011 record, but up 2 percent year-over-year. Pork export value totaled $6.67 billion, an increase of 10 percent year-over-year, breaking the 2012 record by 6 percent. Pork export volume increased 2 percent to 2.18 million mt. The volume record is 2.62 million mt, set in 2012. Exports overcame significant challenges to reach these milestones, including market access restrictions in Russia and China, an appreciating U.S. dollar and, most recently, shipping difficulties related to a labor dispute in the West Coast ports. In December, beef export volum...

October beef exports from the U.S. equated to 15 percent of total production and 11 percent of muscle cut production, compared to 13.5 percent and 11 percent, respectively, a year ago, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). For January through October, exports equated to 14 percent of total production and 11 percent for muscle cuts (up from 13 percent and 10 percent). Export value per head of fed slaughter was $321.28 in October (up $70 from a year ago) and $287.32 for January-October (up $42.80). Exports to Japan were exceptionally strong in October, increasing 25 percent in volume (22,586 mt) and 54 percent in value ($164 million). For January-October, exports totaled 206,879 mt (up 2 percent) valued at $1.33 billion (up 11 percent). Other January-October beef highlights include: Exports to South Korea were up 12 percent in volume (96,040 mt) and 41 percent in value ($674.9 million). October export volume was the largest o...

Georgia's dry summer helped save its pecan crop, according to University of Georgia Extension horticulture specialist Lenny Wells. A wet spring and increased scab disease pressure had Wells and other pecan experts pessimistic about this year's pecan crop. However, a lack of rain in June and July spared Georgia's pecan farmers from worsening scab disease. The result is a pecan crop that's expected to reach 85-90 million pounds, Wells estimated. "We had all that scab inoculum built up from last year, and then we started off wet this year, with a lot of early leaf scab in the spring. Luckily, about the time that the nuts really started to size, which is when they're most susceptible to scab, it really dried off and let everybody catch up with fungicide protection," Wells said. "Even where there was a lot of scab pressure, our famers did a really good job of keeping the scab to a minimum, I think." Another encouraging factor in the early pecan ...