Executive Summary U.S. livestock and meat trade figures provided by USDA were recently updated with values spanning through Jan ’18. Highlights from the updated report include:

• Jan ’18 net pork trade increased on a YOY basis for the fifth consecutive month, finishing up 4.8%. Pork export volumes increased on a YOY basis for the 20^th time in the past 21 months, finishing at a six year seasonal high for the month of January.
• Net beef & veal trade finished at a negative level for the first time in the past five months during Jan ’18, despite export volumes reaching a record seasonal high for the month of January.
• Net broiler trade declined on a YOY basis for the second consecutive month during Jan ’18, finishing down 1.3%, as export volumes remained lower.

Additional Report Details Pork – Exports Increase to a Six Year Seasonal High, Net Trade Finishes up 4.8% YOY According to USDA, Jan ’18 U.S. pork export volumes increased 6.2% YOY, finishing higher on a YOY basis for the 20^th time in the past 21 months. Overall, pork export volumes reached a six year seasonal high for the month of January, finishing 20.5% above three year average seasonal figures. Of the major export destinations, YOY increases in export volumes on an absolute basis were led by shipments destined to Japan (+11.2%), followed by shipments destined to South Korea (+13.8%), Hong Kong, Taiwan and China (+14.6%) and Mexico (+0.3%). U.S. pork export volumes destined to Japan, South Korea, China and Mexico more than offset declines in export volumes destined to Canada (-3.1%). U.S. pork export volumes destined to the aforementioned countries accounted for over 80% of all pork export volumes during Jan ’18. U.S. pork import volumes finished higher on a YOY basis for the tenth consecutive month during Jan ’18, increasing by 12.6%. The increase in pork import volumes was more than offset by the increase in export volumes experienced throughout the month, however, resulting in Jan ’18 U.S. net pork trade finishing up 4.8% YOY. The monthly YOY increase in net pork trade was the fifth experienced in a row. ’16-’17 annual net pork trade finishing up 13.1% YOY, reaching a five year high, while ’17-’18 YTD net trade is up an additional 6.0% throughout the first third of the production season. Beef & Veal – Exports Increase to a Record Seasonal High but Net Trade Finishes Negative Jan ’18 U.S. beef export volumes increased 15.3% YOY, finishing higher on a YOY basis for the 19^th consecutive month. Overall, beef export volumes reached a record seasonal high for the month of January, finishing 33.7% above three year average seasonal figures. Of the major export destinations, YOY increases in export volumes on an absolute basis were led by shipments destined to Hong Kong, Taiwan and China (+50.0%), followed by shipments destined to South Korea (+20.9%), Japan (+8.5%) and Mexico (+3.7%). U.S. beef export volumes destined to China, South Korea, Japan and Mexico more than offset declines in export volumes destined to Canada (-0.9%). U.S. beef & veal export volumes destined to the aforementioned countries accounted for over 85% of all beef & veal export volumes during Jan ’18. Jan ’18 U.S. beef & veal import volumes finished higher on a YOY basis for the seventh time in the past eight months, finishing up 8.6%. Beef & veal import volumes more than offset export volumes experienced throughout the month, resulting in net beef & veal trade finishing at a negative level for the first time in the past five months. ’16-’17 annual beef & veal net trade finished at a negative level for the fourth consecutive year, despite export volumes reaching a record annual high, however ’17-’18 YTD net trade is up 32.7% YOY throughout the first third of the production season. Broilers – Net Trade Declines YOY for the Second Consecutive Month, Finishes Down 1.3% Jan ’18 U.S. broiler export volumes declined 1.5% YOY, finishing lower for the second consecutive month. Export volumes destined to Zaire (-96.3%), Congo (-66.5%) and Canada (-16.1%) finished most significantly lower on an absolute basis throughout the month. YOY increases in broiler export volumes were led by shipments destined to Cuba (+60.8%), Hong Kong, Taiwan and China (+19.4%) and Turkey (+93.0%). U.S. broiler import volumes declined on a YOY basis for the fourth time in the past five months during Jan ’18, finishing down 7.4%. Broiler import volumes remain at insignificant levels relative to export volumes, as Jan ’18 imports amounted to just 2.2% of export volumes. The YOY decline in broiler export volumes more than offset the YOY decline in import volumes, resulted in U.S. broiler net trade finishing down 1.3% YOY during Jan ’18. The monthly YOY decline in net broiler trade was second experienced in a row. ’16-’17 annual net broiler trade finished up 5.0% YOY to a three year high, while ’17-’18 YTD net trade remains up an additional 2.8% throughout the first third of the production season, despite the recently experienced declines. Overall, combined net trade of U.S. pork, beef and broilers finished higher on a YOY basis for the third time in the past four months, increasing by 22.6 million pounds, or 2.6%. YOY increases in net trade of pork and beef offset the YOY gain in net trade of broilers experienced throughout the month.