US revises meat trade forecast
The current uncertainty in the global meat market is forcing the US to revise meat trade forecast. According to Derrell Peel, an expert from Oklahoma State University, the beef sector is to see a decline in exports, while pork and chicken meat exports are expected to rise year on year. "Year to date beef exports are down 7.6% for the January-June period, following a 33% year over year drop in June and a similar decrease in May. Japan remains the largest U.S. beef export market and is up 5.6% year over year in the first half of 2020. However, this follows a 20.7% decrease in June and a 23.6% year over year decrease in May.
Number two South Korea is down 7.4% year over year through June following double-digit monthly decreases in April, May and June. Mexico, the number three market in recent years has seen monthly decreases averaging 66.9% in the second quarter, dropping Mexico to the fourth-largest beef export market with a year to date total down 37.7% from one year ago," commented Peel in an article for Drovers magazine.
On the other hand, pork and poultry exports are supported by strong demand from China. "Pork exports through June are up 27.4% year over year, led by a 335.6% year over year increase in pork exports to China. Broiler exports are up 4.2% year over year thus far in 2020, with latest data for June showing a 1.1% decrease from one year ago," added the expert.
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