First-Half 2020 Animal Product Exports Mixed
First-half U.S animal products exports varied considerably compared with a year earlier. U.S. turkey and beef exports declined 15.2 and 7.6 percent, respectively. Mexico is the principle foreign buyer of U.S. turkey and an important destination for U.S. exported beef. Exports to Mexico of both turkey and beef were lower in first-half 2020, likely in part due to COVID-19-related market turmoil. Broiler meat exports increased 4.2 percent, with shipments to China offsetting weaknesses in other major markets. The 9.9-percent increase in exports of egg and egg products can be attributed to strong growth in egg product sales. Dairy exports on a skim-solids milk-equivalent basis increased 17.5 percent above a year earlier due to higher exports of most major dairy products. U.S pork exports for the first half of 2020 were 27.4 percent higher than a year ago due primarily to large shipments to China.
Poultry and Eggs: The 2020 broiler production forecast was unchanged, while the 2021 forecast was increased on lower feed costs. The broiler export forecast was decreased based on continued weakness in key export markets, as well as on potentially slowing demand from China. The broiler price forecast was increased slightly based on recent price movements and expectations for near-term demand. The table egg production forecast was increased based on higher-than-expected lay rates, while the price forecast was decreased on recent prices and high shell egg inventory levels. The egg export forecast was revised up on egg-product demand. Turkey production and trade forecasts for the second half of 2020 and for 2021 were not changed from last month. The third-quarter 2020 turkey price forecast was adjusted up to 110 cents per pound, but outlying price forecasts were unchanged.
