Executive Summary U.S. livestock and meat trade figures provided by USDA were recently updated with values spanning through Nov ’16. Highlights from the updated report include:

• Net pork trade increased on a YOY basis for the seventh consecutive month during Nov ’16, finishing up 24.6%, as export volumes reached a new monthly record high.
• Net beef & veal trade finished positive for the second consecutive month during Nov ’16 as export volumes reached a new three year high.
• Net broiler trade increased on a YOY basis for the fifth consecutive month during Nov ’16, finishing 11.9% above the previous year.

Additional Report Details Pork – Net Trade Finishes Higher on a YOY Basis for the Seventh Consecutive Month According to USDA, Nov ’16 U.S. pork export volumes increased 16.8% MOM on a daily average basis while also remaining higher on a YOY basis for the seventh consecutive month, finishing up 18.0%. Overall, U.S. pork export volumes reached a new monthly record high while the YOY gain was the largest experienced in the past two and a half years on a percentage basis. Of the major export destinations, YOY increases in export volumes were led by shipments destined to Mexico (+22.7%), followed by shipments destined to Japan (+21.4%), Canada (+2.7%) and South Korea (+1.2%). Export volumes destined to Mexico, Japan, Canada and South Korea more than offset declines in combined shipments destined to Hong Kong, Taiwan and China (-0.7%). U.S. pork export volumes destined to the aforementioned countries accounted for over 80% of all pork export volumes during Nov ’16. U.S. pork import volumes finished lower on a YOY basis for the fourth consecutive month during Nov ’16, declining by 3.9%. The increase in pork export volumes, coupled with the decline in import volumes, resulted in Nov ’16 U.S. net pork trade finishing up 24.6% YOY. Net pork trade has increased on a YOY basis over seven consecutive months through November. ’14-’15 annual net pork trade declined 10.7% to a five year low however annual figures rebounded by 2.5% throughout the ’15-’16 production season. ’15-’16 annual pork export volumes finished up 1.9% YOY but remained 0.6% below three year average figures while ’15-’16 annual pork import volumes finished 0.2% below the 11 year high experienced during the previous year. Beef & Veal – Net Trade Finishes Positive for the Second Consecutive Month According to USDA, Nov ’16 U.S. beef & veal export volumes increased 14.2% MOM on a daily average basis to a new three year high while remaining higher on a YOY basis for the fifth consecutive month, finishing up 25.0%. Of the major export destinations, YOY increases in export volumes were widespread and led by shipments destined to Japan (+65.8%), followed by shipments destined to South Korea (+62.9%), Canada (+11.4%), Mexico (+8.8%) and combined shipments to Hong Kong, Taiwan and China (+0.1%). U.S. beef & veal export volumes destined to the aforementioned countries accounted for over 85% of all beef & veal export volumes during Nov ’16. Nov ’16 U.S. beef & veal import volumes increased on a YOY basis for the first time in 14 months, finishing up 12.4%. Beef & veal export volumes continued to outpace import volumes throughout Nov ’16, however, resulting in net beef & veal trade finishing at a positive level for the second consecutive month. ’15-’16 annual beef & veal net trade finished negative for the third consecutive year despite export volumes increasing by 3.7% YOY and import volumes declining by 16.6% throughout the 12 month period. Chicken –Net Broiler Trade Increases on a YOY Basis for the Fifth Consecutive Month Nov ’16 U.S. broiler export volumes increased 0.7% MOM on a daily average basis and 12.2% YOY, finishing higher on a YOY basis for the fifth consecutive month. Export volumes remained higher on a YOY basis despite declines experienced in volumes destined to Mexico (-2.5%), Canada (-10.4%) and combined shipments to Hong Kong, Taiwan and China (-6.8%). Broiler export volumes to all other destinations increased 23.7% throughout the month, led by product destined to Iraq. U.S. broiler import volumes increased on a YOY basis for the first time in six months during Nov ’16, finishing up 25.4% to a new monthly record high. Broiler import volumes remain at insignificant levels relative to export volumes, however, as Nov ’16 imports amounted to just 2.5% of export volumes. The YOY increase in broiler export volumes more than offset the YOY gain in import volumes, resulting in U.S. broiler net trade finishing up 11.9% YOY during Nov ’16. Net broiler trade declined 3.3% throughout the ’15-’16 production season as export volumes fell 3.1% while import volumes increased 8.1%. Combined net trade of U.S. pork, beef and broilers increased on a YOY basis for the seventh consecutive month during Nov ’16. Combined net trade of pork, beef and broilers had declined over 18 consecutive months from May ’14 – Nov ’15 and finished down 21.5% YOY throughout the ’14-’15 production season prior to rebounding by 6.2% throughout the ’15-’16 production season.