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

• Feb ’18 net pork trade increased on a YOY basis for the sixth consecutive month, finishing up 9.0%. Pork export volumes increased on a YOY basis for the 21^st time in the past 22 months, finishing at a record seasonal high for the month of February.
• Net beef & veal trade finished at a positive level for the fifth time in the past six months during Feb ’18 as export volumes reached a record seasonal high for the month of February.
• Net broiler trade increased on a YOY basis for the first time in the past three months during Feb ’18, finishing up 1.0%, as export volumes finished at a four year seasonal high for the month of February.

Additional Report Details Pork – Exports Increase to a Record Seasonal High, Net Trade Finishes up 9.0% YOY According to USDA, Feb ’18 U.S. pork export volumes increased 9.1% YOY, finishing higher on a YOY basis for the 21^st time in the past 22 months. Overall, pork export volumes reached a record seasonal high for the month of February, finishing 19.9% 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 South Korea (+48.2%), followed by shipments destined to Canada (+20.5%) and China, Hong Kong and Taiwan (+10.6%). U.S. pork export volumes destined to South Korea, Canada and China more than offset declines in export volumes destined to Mexico (-2.2%) and Japan (-1.5%). U.S. pork export volumes destined to the aforementioned countries accounted for over 80% of all pork export volumes during Feb ’18. U.S. pork import volumes finished higher on a YOY basis for the 11^th consecutive month during Feb ’18, increasing by 9.4%. The increase in pork import volumes was more than offset by the increase in export volumes experienced throughout the month, however, resulting in Feb ’18 U.S. net pork trade finishing up 9.0% YOY. The monthly YOY increase in net pork trade was the sixth 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 6.6% throughout the first five months 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 Apr ’18. China has accounted for approximately seven percent of total U.S. pork export volumes throughout the past 12 months. Beef & Veal – Exports Increase to a Record Seasonal High, Net Trade Remains Slightly Positive Feb ’18 U.S. beef export volumes increased 9.9% YOY, finishing higher on a YOY basis for the 20^th consecutive month. Overall, beef export volumes reached a record seasonal high for the month of February, finishing 23.3% 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 China, Hong Kong and Taiwan (+45.9%), followed by shipments destined to South Korea (+27.6%) and Mexico (+14.0%). U.S. beef export volumes destined to China, South Korea and Mexico more than offset declines in export volumes destined to Japan (-12.7%) and Canada (-13.5%). U.S. beef & veal export volumes destined to the aforementioned countries accounted for over 85% of all beef & veal export volumes during Feb ’18. Feb ’18 U.S. beef & veal import volumes remained higher on a YOY basis for the eighth time in the past nine months, finishing up 9.7%. Beef & veal export volumes more than offset import volumes experienced throughout the month, however, resulting in net beef & veal trade finishing at a positive level for the fifth time in the past six 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 31.7% YOY throughout the first five months of the production season. Broilers – Net Trade Increases YOY for the First Time in the Past Three Months, Finishes up 1.0% Feb ’18 U.S. broiler export volumes increased 1.2% YOY, finishing higher for the first time in the past three months. Overall, broiler export volumes reached a four year seasonal high for the month of February, finishing 6.3% above three year average seasonal figures. Export volumes destined to China, Hong Kong and Taiwan (+14.8%), Vietnam (+78.6%) and Georgia (+191.5%) finished most significantly higher on an absolute basis throughout the month. YOY declines in broiler export volumes were led by shipments destined to Chile (-36.3%), China, the United Arab Emirates (-18.0%) and Haiti (-21.0%). U.S. broiler import volumes increased on a YOY basis for the second time in the past three months during Feb ’18, finishing up 14.2%. Broiler import volumes remain at insignificant levels relative to export volumes, however, as Feb ’18 imports amounted to just 1.9% 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 1.0% YOY during Feb ’18. The monthly YOY increase in net broiler trade was the 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 2.4% throughout the first five months of the production season. Overall, combined net trade of U.S. pork, beef and broilers finished higher on a YOY basis for the fourth time in the past five months, increasing by 42.1 million pounds, or 4.3%. Net trade of pork, beef and broilers all finished higher on a YOY basis throughout the month.