According to a report from Capital Press, beef exports decreased 33% by volume to 87,391 tons in May, following disruptions "due to the coronavirus pandemic and economic slowdowns."
Significantly larger pork sales to China boosted U.S. pork exports during first quarter 2020 to a record high volume of over 2 million pounds. Sales to China (including Hong Kong) were a record 597,000 pounds, up nearly fivefold, and more than 50% above earlier quarterly highs in 2008 and 2011.
According to a report from the U.S. Meat Export Federation, pork exports soared to 282,145 metric tons (311,011 U.S. tons) in December, up 34% year-over-year and surpassing the previous high (set in November 2019) by 9%.
U.S. pork exports posted the best month on record in November, reaching new highs in both volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). November exports of U.S. beef were below the previous year's large totals.
China said it will waive import tariffs for some soybean and pork shipments from the U.S., according to The Pig Site. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country's cabinet.
Forecasts for U.S. pork exports for 2019 and 2020 were recently raised, due in large part to expectations of continued significant growth in Chinese demand for U.S. pork. China’s demand for imported pork has accelerated as African Swine Fever (ASF) spread throughout China during 2018-19.
According to a monthly report of USDA data compiled by the U.S. Meat Export Federation (USMEF), U.S. pork exports increased 22% year-over-year in August to 244,256 tons. Total pork export valued increased 19% to $588.8 million. This could be good news for sales of utility tractors in the 40-60 horsepower range, which are most commonly used in the production of livestock.
U.S. beef exports remained very strong in September while pork exports continued to be impacted by retaliatory duties in China and Mexico, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF).
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.