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

• Jun ’18 U.S. net pork trade increased on a YOY basis for the ninth consecutive month, finishing up 5.3%. Pork export volumes increased on a YOY basis for the 25^th time in the past 26 months, finishing at a ten year seasonal high for the month of June.
• Jun ’18 U.S. beef & veal export volumes increased to a new monthly record high figure, finishing higher on a YOY basis for the 24^th consecutive month. Net beef & veal trade finished at a negative level for the second consecutive month, however, despite the record high export volumes.
• U.S. net broiler trade increased 8.0% YOY during Jun ’18 as export volumes increased to a four year seasonal high for the month of June.

Additional Report Details Pork – Exports Increase to a Ten Year Seasonal High, Net Trade Finishes up 5.3% YOY According to USDA, Jun ’18 U.S. pork export volumes continued to decline from the Apr ’18 record high but remained higher on a YOY basis, increasing 1.3% to a ten year seasonal high for the month of June. Pork export volumes have finished higher on a YOY basis over 25 of the past 26 months through Jun ’18. Of the major export destinations, YOY increases in export volumes were led by shipments destined to South Korea, followed by shipments destined to Japan and Canada. U.S. pork export volumes destined to China, Hong Kong and Taiwan, Japan and Mexico finished lower throughout the month. U.S. pork export volumes destined to the aforementioned countries accounted for 79% of all pork export volumes during Jun ’18. U.S. pork import volumes declined on a YOY basis for the second consecutive month during Jun ’18, finishing down 13.4%. The decline in pork import volumes, coupled with the increase in export volumes, resulted in Jun ’18 U.S. net pork trade finishing up 5.3% YOY. The monthly YOY increase in net pork trade was the ninth 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 7.1% throughout the first three quarters of the production season. Recently announced tariffs on U.S. pork exports destined to China could impact export volumes going forward. China announced an additional 25% tariff on pork imports originating from within the U.S. during early Jun ’18. U.S. pork exports destined to China, Hong Kong and Taiwan declined 36.2% on a YOY basis throughout Jun ’18. China accounted for approximately seven percent of the total U.S. pork export volumes experienced throughout the 12 month period leading up the announcement of the additional pork tariffs. Beef & Veal – Exports Increase to a Monthly Record High However Net Trade Finishes Negative Jun ’18 U.S. beef export volumes increased 15.6% YOY, finishing higher on a YOY basis for the 24^th consecutive month and reaching a new monthly record high figure. Of the major export destinations, YOY increases in export volumes were led by shipments destined to South Korea, followed by shipments destined to Japan, Mexico and China, Hong Kong and Taiwan. U.S. beef export volumes destined to Canada finished slightly lower throughout the month. U.S. beef & veal export volumes destined to the aforementioned countries accounted for 88% of all beef & veal export volumes during Jun ’18. Jun ’18 U.S. beef & veal import volumes declined on a YOY basis for the third time in the past four months, finishing down 1.2%. Beef & veal import volumes continued to outpace beef & veal export volumes experienced throughout the month, however, resulting in net beef & veal trade finishing at a negative level for the second consecutive month. ’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 has remained at a positive level throughout the first three quarters of the production season, despite Jun ’18 net trade finishing negative. Broilers – Exports Increase to a Four Year Seasonal High, Net Trade Finishes up 8.0% YOY Jun ’18 U.S. broiler export volumes increased 7.9% YOY, finishing at a four year seasonal high for the month of June. Export volumes destined to Libya, South Africa and Cuba increased most significant on an absolute basis throughout the month. YOY declines in broiler export volumes were led by shipments destined to Iraq, Congo and Turkey. U.S. broiler import volumes increased on a YOY basis for the first time in the past three months during Jun ’18, finishing up 0.2%. Broiler import volumes remain at insignificant levels relative to export volumes, as Jun ’18 imports amounted to just 1.7% of export volumes. The YOY increase in broiler export volumes more than offset the YOY increase in import volumes, resulting in U.S. broiler net trade finishing up 8.0% YOY during Jun ’18. ’16-’17 annual net broiler trade finished up 5.1% YOY to a three year high, while ’17-’18 YTD net trade has increased an additional 2.8% throughout the first three quarters of the production season. Overall, combined net trade of U.S. pork, beef and broilers finished higher on a YOY basis for the sixth consecutive month, increasing by 100.5 million pounds, or 12.4%. The YOY increase in combined net trade of pork, beef and broilers was the second largest experienced throughout the past eight months.