Executive Summary U.S. livestock and meat trade figures provided by USDA were recently updated with values spanning through Dec ’17. Highlights from the updated report include:

• Net pork trade increased on a YOY basis for the fourth consecutive month, finishing up 4.3%. Pork export volumes increased on a YOY basis for the 19^th time in the past 20 months, finishing at a record seasonal high for the month of December.
• Net beef & veal trade declined 4.4% YOY during Dec ’17, despite export volumes reaching a record seasonal high for the month of December. Net beef & veal trade remained at a positive level for the fourth consecutive month, however.
• Net broiler trade declined on a YOY basis for the first time in the past three months during Dec ’17, finishing down 5.4%, as lower export figures were coupled with rising import volumes.

Additional Report Details Pork – Exports Increase to a Record Seasonal High, Net Trade Finishes up 4.3% YOY According to USDA, Dec ’17 U.S. pork export volumes increased 3.8% YOY, finishing higher on a YOY basis for the 19^th time in the past 20 months. Overall, pork export volumes reached a record seasonal high for the month of December, finishing 15.9% above three year average seasonal figures. YOY increases in export volumes on an absolute basis were led by shipments destined to South Korea (+22.5%), followed by shipments destined to Australia (+41.4%), Japan (+5.4%) and Hong Kong, Taiwan and China (+3.5%). U.S. pork export volumes destined to South Korea, Australia, Japan and China more than offset declines in export volumes destined to Mexico (-3.9%) and Canada (-3.9%). U.S. pork export volumes destined to the aforementioned countries accounted for over 85% of all pork export volumes during Dec ’17. U.S. pork import volumes finished higher on a YOY basis for the ninth consecutive month during Dec ’17, increasing by 1.7%. The increase in pork import volumes was more than offset by the increase in export volumes experienced throughout the month, however, resulting in Dec ’17 U.S. net pork trade finishing up 4.3% YOY. The monthly YOY increase in net pork trade was the fourth 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 6.4% throughout the first quarter of the production season. Beef & Veal – Exports Increase to a Record Seasonal High but Net Trade Finishes 4.4% Lower YOY Dec ’17 U.S. beef export volumes increased 2.5% YOY, finishing higher on a YOY basis for the 18^th consecutive month. Overall, beef export volumes reached a record seasonal high for the month of December, finishing 18.0% above three year average seasonal figures. YOY increases in export volumes on an absolute basis were led by shipments destined to Hong Kong, Taiwan and China (+29.8%), followed by shipments destined to Japan (+9.4%). U.S. beef export volumes destined to China and Japan more than offset declines in export volumes destined to South Korea (-20.9%), Canada (-8.3%) and Mexico (-5.2%). U.S. beef & veal export volumes destined to the aforementioned countries accounted for over 85% of all beef & veal export volumes during Dec ’17. Dec ’17 U.S. beef & veal import volumes finished higher on a YOY basis for the sixth time in the past seven months, finishing up 4.3%. The increase in beef & veal import volumes more than offset the increase in export volumes, resulted in net beef & veal trade finishing lower on a YOY basis for the first time in the past three months, declining by 4.4%. Net beef & veal trade remained at a positive level for the fourth consecutive month, however. ’16-’17 annual beef & veal net trade remained negative for the fourth consecutive year, despite export volumes reaching a record annual high, however ’17-’18 YTD net trade is up 14.5% YOY throughout the first quarter of the production season. Broilers – Net Trade Declines YOY for the First Time in the Past Three Months, Finishes Down 5.4% Dec ’17 U.S. broiler export volumes declined 5.1% YOY, finishing lower for the first time in the past three months. Export volumes destined to Kazakhstan (-66.6%), Haiti (-46.5%), Columbia (-36.3%) and Mexico (-4.7%) finished most significantly lower on an absolute basis throughout the month. YOY increases in broiler export volumes were led by shipments destined to Vietnam (+204.3%), Hong Kong, Taiwan and China (+21.8%), the Philippines (+107.5%) and Angola (+28.8%). U.S. broiler import volumes increased on a YOY basis for the first time in the past four months during Dec ’17, finishing up 6.6%. Broiler import volumes remain at insignificant levels relative to export volumes, however, as Dec ’17 imports amounted to just 2.0% of export volumes. The YOY increase in broiler import volumes, coupled with the YOY decline in export volumes, resulted in U.S. broiler net trade finishing down 5.4% YOY during Dec ’17. The YOY decline in net broiler trade was first experienced throughout the past three months. ’16-’17 annual net broiler trade finished up 5.0% YOY to a three year high, while ’17-’18 YTD net trade is up an additional 4.1% throughout the first quarter of the production season, despite the most recently experienced decline. Overall, combined net trade of U.S. pork, beef and broilers finished lower on a YOY basis for just the third time in the past 20 months, declining by 16.1 million pounds, or 1.6%. YOY declines in net trade of beef and broilers offset the YOY gain in net trade of pork experienced throughout the month.