ANALYSIS: Broiler Production Grows Steadily as Demand Advances

Broiler-type production posted modest growth in May, with 876 million chicks hatched, up 1 percent from the prior year. Eggs in incubators as of June 1 also rose 1 percent to 756 million, indicating stable short-term supply. However, pullet placements for future hatchery flocks declined 0.7 percent year-over-year. While this suggests a cautious outlook by producers, it may also reflect ongoing challenges with hatchability, which has trended historically low in recent months and continues to limit breeder productivity.

Domestic chicken demand remains strong, underpinned

ANALYSIS: Growth of Brazilian Beef Exports to the Mexican Market

The Mexican beef import market showed a notable surge in Brazil's export volumes in June 2025, with levels reaching the highest point since the initiation of the Package Against Inflation and Scarcity (PACIC, acronym in Spanish) in 2022, which eliminates tariffs on beef imports from Brazil. Data reveals a significant uptick, with June 2025 exports reaching 16,170 metric tons, a clear contrast to the 3,666 metric tons recorded in June 2024 and the 76 metric tons in June 2023. This escalation reflects...

ANALYSIS: US Retail Ground Beef Prices the Week Before the Fourth of July Year-Over-Year

With cattle slaughter levels being lower and beef rising in price, for most items at the retail level grinds were no exception. The Fourth of July is a holiday widely known for its grinds demand historically at the retail level. This year, grind prices towered over 2024 levels for discounted and non-discounted values at the retail level. The percentage increase for the total average price for all blends, non-discounted and discounted, was...

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ANALYSIS: Brazil’s Latest Tariff Blitz Set to Redraw US Beef Import Landscape

Washington’s sudden decision on July 9 to impose a 50% tariff hike on Brazilian beef imports, effective August 1, is rattling the world’s largest beef market and potentially disrupting one of its largest supply lines.  

Brazil accounted for nearly 30% of the United States (US) imported frozen boneless beef so far in 2025, making this tariff a seismic shock to American buyers and suppliers.

Brazil already faced a 26.4% out-of-quota tariff after taking a significant role in filling the   65,000 metric tons (mt) “other country” beef...

ANALYSIS: Seasonally Elevated Egg Product Values Begin to Ease 

After reaching all-time highs earlier this year across nearly every category, the egg products market is now showing signs of correction. A combination of seasonal softness and fundamental market shifts is placing downward pressure on values in the liquid, frozen, and dried segments. 

Earlier in the year, prices for whole egg, whites, and yolk surged in response to the supply shock caused by HPAI, which sharply reduced the availability of shell eggs during a time of strong demand from schools, institutions, and commercial bakers...

ANALYSIS: US 2025 Top Butts Set Record Highs

As we move deeper into summer and the last major grilling holiday before Labor Day is behind us, it’s a good time to revisit a 2025 standout: the top sirloin butt.

With constrained supplies heading into grilling season, many retail and foodservice buyers turned to top butts as a more economical alternative to ribeyes and strips. However, reduced cattle slaughter and record-high cash cattle prices pushed boxed beef values higher across the board, even for these “value cuts.”

In late June, the...

ANALYSIS: US Broiler Exports Slide in May as Seasonal Trends Reverse

US broiler exports totaled 509.9 million pounds in May 2025, reflecting a 7.1% decline year-over-year (YOY) and a 7.4% drop month-over-month (MOM). Notably, this monthly contraction stands in contrast to the five-year average MOM increase of 2.4% for May, indicating that this year's performance underdelivered compared to historical seasonal trends.

Mexico led all destinations, with the region absorbing 130.8 million pounds of US chicken in May. MOM movement rose 9.5% which is a stronger-than-typical increase compared...

ANALYSIS: Volatile Market Conditions Shape US Turkey Exports in May

May’s export report showcases a volatile turkey export market. The total values follow a very similar trend as in past months, with a lower year-over-year (YOY) volume and a below-average month-over-month (MOM) change. This is primarily driven by the Mexican market, while the others show quite a bit more variability.

Based on the 5-year average, Mexico generally accounts for 69.2% of the total volume of turkey exported from the US during the month of May. This past May, they accounted...

ANALYSIS: US Boneless Beef Imports Fall in June After a Rush in May

The US imported 81,285 metric tons (mt) of boneless beef in June, according to the latest Food Safety and Inspection Service Report. Compared to May, this is a decrease of 8,420 mt or 9.4%. Volumes in May grew as market participants worked quickly to get material in the country before the new tariff implementation.

 June posted a jump of 23,787 mt or 41.4% year-over-year (YOY), with 2025 continuing to stay well above 2024 levels. As...

ANALYSIS: Pork Exports Drop in May with Offsetting Gains from Mexico and South America

In May, total US pork exports declined 3.7% year-over-year with the month-over-month total also lower 3.1% versus April.

Mexico, continued to be the top destination, booking 218.4 million pounds, up 6.4% month-over-month and 3.9% year-over-year. Even though volumes cooled slightly from March to April, year-to-date exports remain near the record-breaking levels of 2024.  The United States Meat Export Federation (USMEF) attributes the upswing not to tariff shifts, but to strong Mexican demand and competitive...

The Retail Rundown: Retailers Push Value to Maintain Protein Momentum

Retail meat clearance over the Independence Day holiday was generally strong, with consumers stocking up on grilling staples for the summer’s flagship cookout occasion.

With few major buying events remaining this summer, grocers will likely push aggressive features and highlight value finds to sustain shopper engagement through the dog days of summer.

Post-holiday protein advertisements show seafood maintaining the lead at 33.1% of retail features, followed by beef at 25.1% and pork at 21.5%. Chicken accounted for 16.2%, while turkey fell to just 2%—half of the previous week's...

ANALYSIS: Brazil’s Beef Exports Reached 1.28 Million mt in 1H-2025, Up 36% YOY

The latest data released by Brazil’s Ministry of Development, Industry, Trade, and Services revealed that the country exported 241,092 mt of fresh beef (chilled and frozen) in June, down 9.7% MoM but 2.9% higher than June 2024. This brings total shipments in the first half of 2025 to 1,286,729 mt, reflecting a notable 36% growth compared to the same period last year.

Brazilian beef exports to China showed solid growth in the first half of 2025, reaching 631,720 mt...

ANALYSIS: Australia Delivers Record Beef Exports in June 2025, 1H Up 16.8% YOY

Australia’s beef exports surged to a record high in June 2025, reaching 134,596 metric tons (mt), according to data from the Department of Agriculture, Fisheries and Forestry (DAFF). The volume topped the previous peak set in October 2024 by 4,548 mt and marked a third straight month of growth.

Robust demand from China, Canada, Japan and Korea underpinned the gains, while shipments to its largest destination, the United States (US) declined. On a monthly basis, volumes climbed 4.0% or 5,118 mt...

ANALYSIS: Cage-Free Market Moves Higher Amid West Coast Strength 

Cage-free values rose 6cts this week, marking a notable contrast to the mostly steady conventional market. While demand for eggs is slightly above typical seasonal levels—buoyed in part by Fourth of July holiday preparations—the real driver of the cage-free market's momentum has been robust West Coast buying interest. 

Traditionally, egg demand softens during midsummer as consumers shift toward lighter, seasonally favorite breakfast meals. However, eggs remain a compelling outlier in today’s retail landscape. Unlike most proteins, which continue to rise in ... 

ANALYSIS: Chicken Hatchery Figures Continue Steady Expansion

In a market shaped by choppy global demand, disease-related caution, and mounting trade tension, hatchery performance remains one of the few reliable signals in an otherwise murky landscape. Despite these external pressures, the chicken industry continues to expand, driven by steady domestic demand and a growing cost advantage over higher-priced beef and turkey.

According to the latest USDA data, egg sets for the week ending June 28 reached 252 million, a 2% year-over-year increase. This marks the 74th consecutive week of YoY gains and aligns with...

ANALYSIS: Post-Suspension Outlook for Mexican Cattle Imports

The USDA’s announcement of a phased reopening of southern ports for livestock trade, effective as early as July 7, 2025, marks a significant moment for the Mexican export market for feeder cattle to the US, following a second suspension initiated in May 2025. This follows an initial suspension in November 2024, triggered by the detection of New World Screwworm (NWS) in southern Mexico, with trade resuming in February 2025 after a rigorous pre-clearance inspection protocol was established. The latest closure, driven by...

ANALYSIS: Summer Squeeze, Limited Turkey Supplies and Consumer Choices

May’s cold storage report tells a story of limited turkey supplies and the search of the American people for value. All turkey categories were down year-over-year (YoY), anywhere from 3.1% for whole toms to 49.7% for MST. This May’s cold storage holdings were below the 5-year average for most categories as well, with the exception of breasts. Along with this theme, the month-over-month (MoM) change in inventories was below average for whole birds and legs.

All of this points to very limited production...

ANALYSIS: Irish Beef Market Under Supply Pressure

In June 2025, Ireland’s cumulative beef processing volumes are approximately 15,000 head above the same period last year. However, tightening supply across other European countries is placing significant upward pressure on beef prices. Processors are competing aggressively to secure sufficient cattle to meet both domestic and export demand.

As of mid-2025, Ireland’s live cattle exports are 20% higher than at this point in 2024, further contributing to the supply squeeze within the country. Meanwhile, key EU beef-producing nations such as Germany, France, and the Netherlands are experiencing herd reductions...

ANALYSIS: Japan’s May 2025 Beef Imports Recede from 12-Month High

Japan’s beef imports in May 2025 eased from April’s 12-month high, slipping to 48,428 metric tons (mt), according to the latest data from Japan’s Trade Statistics. 

In line with traditional trends, volumes by the world’s second largest beef importer scaled back 8.8% month-on-month (MoM) or 4,696 mt amid the short working month during the Golden Week holiday period.

Japan imported beef from two main suppliers: Australia ranked first with 25,216 mt, followed by the United States (US) at 16,591 mt...

ANALYSIS: US Pork Cold Storage Tightens Year-Over-Year Despite Seasonal Shifts

According to the USDA’s May Cold Storage report, total pork in frozen inventory declined to 450.9 million pounds, down 5.2 million pounds (- 1.1%) from April, signaling the lowest volumes recorded in the last 10 years. While month-over-month supplies are slightly lower, year-over-year inventories remain significantly tighter—down more than 31 million pounds (-6.6%) compared to May 2024—pointing to persistent supply-side constraints...

ANALYSIS: Reviewing the Downward Trend in Mexican Shoulder Clod Prices

The Mexican domestic market for bone-in and boneless shoulder clod has experienced a downward price trend since mid-June 2025, primarily driven by a notable decline in demand. Bone-in shoulder clod has depreciated by approximately 4.6% from its levels at the beginning of June, while boneless shoulder clod has dropped by about 2.8%, following record-high prices in May fueled by reduced slaughter volumes. These elevated prices, which peaked earlier in the season, began to strain buyers, prompting consumers and intermediaries to shift toward alternative...

ANALYSIS Comparing US Boxed Beef Cutout Values to COVID Highs Amid Current Surge

The current weekly average cutout value is $3.84/lb for Choice and $3.64/lb for Select. During the COVID-19 period, the record high for the Select cutout was a weekly average of $4.20/lb in May 2020, but prices sharply declined afterward, dropping to levels well below the five-year average. At this time in 2020, the Select cutout’s weekly average was approximately $2.10/lb, which...

ANALYSIS: Cage-Free Values Diverge from Conventional as Regional Demand Builds

After months of narrowing, the spread between cage-free and conventional quotations widened this week as the two markets moved in opposite directions—an uncommon divergence. Historically, both categories move in tandem, shaped by similar demand and usage dynamics...

ANALYSIS: Supply Uncertainty Looms Over the UK Beef Market

UK beef production totaled 300,000 tons between January and May 2025, marking a 10,000 tons (3%) decline compared to the same period in 2024, according to the latest data. Monthly output has consistently lagged 2024 levels, underscoring a persistent downward trend and increasing concerns over supply constraints in the second half of 2025.

Despite lower production volumes, slaughter rates remained strong in the first half of 2025. In May, prime cattle slaughter rose by 3% month-on-month to 178,000 head. Market participants suggest this uptick may reflect producers capitalizing on recent strong prices...

ANALYSIS: New Zealand’s May 2025 Beef Exports Surge 15.7% MoM to 49,281 mt

New Zealand’s beef exports rebounded in May 2025, posting a solid 15.7% rise from April to 49,281 metric tons (mt), according to the latest data from Stats NZ.

Volumes rose 6,676 mt month-on-month (MoM) driven by stronger shipments to the United States (US), China, and Canada. Modest gains to the United Kingdom (UK), Taiwan, and Japan also contributed to the higher May figures.

On the contrary, annual growth continued to be hindered by lower cattle kills. Yearly figures fell 10.2% or 5,581 mt, led by reduced shipments to China and Japan. Allocations to New Zealand’s...

ANALYSIS: US Boneless Beef Cold Storage Stocks Fall in May 2025 to Lowest Level in 10 Years

The latest USDA cold storage report showed a decline of 13.7 M lbs of boneless beef in cold storage for May month-over-month (MOM) with current levels at 364.6 M lbs, which is the lowest level in the past ten years. Both lean and fat boneless beef continued to be tight throughout the month of May leading to less stored frozen product. As beef demand ramps up during the summer, especially for products like hotdogs and hamburgers, which boneless beef are key ingredients, cold storage dips as material is pulled out to supplement...

ANALYSIS: YTD EU Egg Exports Down Amid Production Challenges and High Prices

EU egg and egg product exports have declined in the first four months of 2025, dropping to 148,161 tons (egg equivalent weight) from 154,704 tons during the same period last year. This marks a 4.2% year-on-year decrease, indicating a challenging period for the European egg industry. While some export markets such as the UK and Israel have shown growth, the overall trend is downward, with notable declines in shipments to Japan and Thailand and only marginal changes in exports to Switzerland.

The primary factor behind this export contraction is the significant reduction in EU egg production, driven largely by the impact of...

ANALYSIS: By-Products Market Surges on Soybean Oil Price Trends

The US by-products market, particularly fats and tallows, has encountered price increases driven by rising soybean oil trends, following the US Environmental Protection Agency’s proposed Renewable Volume Obligations (RVO). The RVO is a plan requiring fuel companies to blend more renewable sources, such as soybean oil, into biofuels. It proposes biomass-based diesel volumes of 5.61 billion gallons for 2026 and 5.86 billion for 2027. This increased demand for soybean oil has reduced available supply, elevating prices.

The fats and tallows market initially adopted...

ANALYSIS: By-Products Market Surges on Soybean Oil Price Trends

The US by-products market, particularly fats and tallows, has encountered price increases driven by rising soybean oil trends, following the US Environmental Protection Agency’s proposed Renewable Volume Obligations (RVO). The RVO is a plan requiring fuel companies to blend more renewable sources, such as soybean oil, into biofuels. It proposes biomass-based diesel volumes of 5.61 billion gallons for 2026 and 5.86 billion for 2027. This increased demand for soybean oil has reduced available supply, elevating prices.

The fats and tallows market initially adopted...

ANALYSIS: Retail Turkey Distribution Climbs Amid Price Hikes and Inventory Woes

So far, retail distribution of turkey is up 39.6% in June while year-to-date (YTD) it is down 1.9%. The relatively robust June distribution comes at a time when turkey prices continue to skyrocket, as evidenced by the growing gap in this year's Expana Turkey Index compared to the 5-year average.

Despite this June’s Expana Turkey Index outpacing the 5-year average by 40.7%, the average price at retail has only been up 9.7% compared to the 5-year average. This means...

ANALYSIS: May Chicken Cold Storage Maintains Seasonal Trajectory, With Some Exceptions

Chicken cold storage inventories in May rose 1% year-over-year (YOY) and held nearly flat month-over-month (MOM), posting a modest 0.1% gain. This contrasts with the five-year average May decline of 1.9% , signaling a more balanced supply environment, even as individual category trends diverge.

Breasts and breast meat stocks, the largest component of chicken cold storage outside of the “other” category, were essentially unchanged from April, down just 0.1 % versus an average 2.1% seasonal decline...

The Retail Rundown: Independence Day Deals in Focus

As the Fourth of July holiday draws closer, competition for front-page ad space among proteins is heating up. Seafood is currently leading with a 29% share, followed by beef and pork, each capturing 24%. Chicken accounts for 18%, while turkey trails at 2.6%.

Burgers and hot dogs remain backyard barbecue mainstays. Several national grocers were promoting 78–84% lean ground beef under $5 per pound, with eye-catching specials as low as $2.27 on a discounted basis.

Over Father's Day weekend...

ANALYSIS: 2025 Summer Grilling Season Tightens 0X1 Strip-Ribeye Price Gap

As backyard summer cookouts ramp up, attention turns to two grilling favorites: the 0x1 boneless strip and the boneless ribeye. Currently, the 0x1 strip is priced just $0.43/lb, or 3.7% below the boneless ribeye, marking the closest price spread between the two since late February and March 2025, when they nearly reached parity at just a $0.04/lb difference.  

This narrowing spread isn’t unusual. In 2024, a similar trend occurred from early April through mid-July...

ANALYSIS: Cage-Free Market Faces Cross-Sector Pull Amid Shared Supply, Divided Demand

Cage-free values held steady this week at $3.16/dozen. Despite flat quotations, behind-the-scenes movement was more dynamic, driven by a tightening spread between cage-free and conventional prices and a regional surge in demand—most notably along the West Coast.

The price gap between Urner Barry’s rest-of-market cage-free quote and the Midwest large conventional quote has narrowed to just 4cts, marking the tightest spread since the cage-free quote was introduced in 2024...

ANALYSIS: Calf Shortage Drives Veal Market Firm

The special-fed veal market remains tight as fewer calves are available and farming practices continue to change. As of January 1, 2025, the US cattle herd dropped to 86.7 million head, the lowest it has been since 1951 (USDA Cattle Inventory Report). At the same time, about 72% of dairy farms are now breeding cows with beef bulls instead of dairy bulls. This shift has led to fewer male dairy calves being born, which are the type traditionally raised for veal (Drovers; National Cattlemen’s Beef Association)...

ANALYSIS: Tight Supplies and Seasonal Demand Drive the Pork Cutout Higher

The Expana Pork Cutout has risen 26.3% since mid-April and now sits 20.6% above year-ago levels, averaging $117/cwt so far for the week of June 16. This surpasses 2022 values for the same period and is trending toward the higher levels seen in 2021 and during the 2014 PEDv market in June.

Retail demand remains strong, with bacon, ribs, and chops prominently featured as consumers shift away from higher beef prices. Ribs continue to gain momentum ahead of the July Fourth holiday...

ANALYSIS: Chicken Prices Rise Despite Seasonal Record Output

According to the latest USDA slaughter data, the volume of ready-to-cook young chicken produced in April was at an all-time seasonal high with a value of nearly 4 billion pounds.

During April, some processors struggled with live-side issues such as avian metapneumovirus, resulting in lower than anticipated live weights and increased mortality. However, the number of chicks placed in February and March was at an all-time high, which helped allow more production to enter the market despite some of the concerns on the live side...

ANALYSIS: Turkey Producers Eye Potential Supply Boost

While this year's turkey egg sets and poult placements are still below the 5-year average, there has been a year-over-year (YOY) increase in all these values.

Over the past year, supplies of most lines within the turkey complex have consistently been barely adequate to short of needs. This has resulted in rapidly rising prices with 21 quotations reaching new all-time highs. Many participants from both sides of the negotiation table have been anxiously wondering when they are going to start seeing increased availability...

ANALYSIS: Korea’s May 2025 Beef Imports Climb 3.9% MOM to 39,556 mt

Korea’s beef imports in the month of May 2025 amounted to 39,556 metric tons (mt), recording an uptick of 3.9% month-on-month (MoM), according to the latest data from Korea Customs Service.

In line with historical trends, the 1,488 mt monthly increase was supported by higher inbound volumes from the United States (US), New Zealand, and Canada, though a slight dip from Australia capped further gains.

As Asia’s largest beef consumer, Korea imported 4.2% more beef in May 2025 compared to the same...

The Retail Rundown: Grocers Set Stage for Final Summer Push

With Father’s Day in the rearview, grocers are setting the stage for the final big buying event of the summer: the Fourth of July.

The upcoming holiday marks the last major retail push before Labor Day and serves as a key buying window for proteins like beef ahead of the mid-summer lull. To keep product moving, grocers are expected to lean heavily on promotions and feature aggressive pricing in the coming weeks.

Post-Father’s Day, pork and chicken are poised to capture more...

ANALYSIS: Australia’s May 2025 Beef Exports Hover Near Record Highs at 129,477 mt

Australia’s May beef exports reached 129,477 metric tons (mt), just 571 mt below the record set in October 2024, according to data from the Department of Agriculture, Fisheries and Forestry (DAFF).

Exports rose 1.8% or 2,306 mt following April’s post-cyclone rebound, marking the second consecutive month of growth. Gains were driven by stronger shipments to the United States and Canada, while volumes to Japan and Korea declined.

Compared to a year ago, overall exports were up 13.7% (+15,554 mt), led by...

ANALYSIS: April Pork Volumes Reflect Global Tariff Strain

In April 2025, US pork exports fell sharply to 582,920,000 pounds a decline of 9.1% from March and 11.1% compared to last April, US-imposed “Liberation Day” reciprocal tariffs took effect: a baseline 10% duty began April 5, followed by significantly higher country‑specific tariffs on April 9, including a 54% effective rate on Chinese goods. These sweeping measures, and retaliatory levies from both China and Canada in the same period, disrupted established trade flows and significantly squeezed US pork volumes—especially to Canada and China...

ANALYSIS: US Beef Variety Export Destination Comparison between April 2024 and April 2025

In April 2024, the total pounds of beef variety meats exported was 45,372,390 lbs, compared to only 37,242,729 lbs in April 2025. When analyzing specific items, hearts were down by about 4 million pounds, kidneys by around half a million pounds, lips by over a million pounds, livers by nearly 2 million pounds, and tongues by about 139,000 pounds. These few items alone account for roughly 7.5 million pounds not exported in 2025 compared to 2024.

With the tariffs introduced in April 2025...

ANALYSIS: US Imports Record High Volumes of Boneless Beef in May 2025

In May, the US imported 89,704 metric tons (mt) of boneless beef, which was an increase of 16,284 mt from April according to the latest Food Safety and Inspection Service report. These shipment figures include product that was rushed to the US ports ahead of the implementation of new tariffs as well as tariffed product departing the origin port after the April deadline.

Compared to last May, a surge of 31,977 mt more product was entered into the country, a 55.4% increase...

ANALYSIS: CAB and Choice Ribeye Prices Narrow in 2025 Ahead of Father’s Day

With Father’s Day approaching, it’s an ideal time to examine the price relationship between Certified Angus Beef® (CAB) and Choice boneless ribeyes. Year-to-date, Choice ribeyes are priced at $11.84/lb, up 25% from $9.47/lb year-over-year. CAB boneless ribeyes also increased, rising from $10.72/lb to $12.89/lb over the same period, a 20% gain. What stands out is the narrowing price spread between the two programs: from 13% in early June 2024...

The Retail Rundown: Seafood Leads Father’s Day Protein Promotions; CPI Shows Mild Increase

For Father’s Day weekend, seafood leads retail protein promotions, accounting for 28% of total ad volume. Beef follows at 24.8%, with pork close behind at 23.6%. Chicken claims 19% of protein ads, while turkey makes up about 3%.

Egg features remain limited for now but are on track to gain ground next week amid improving retail demand. While egg consumption typically slows around this time of year due to reduced baking and fewer hot breakfasts, eggs are emerging as one of the few proteins seeing price relief at retail—standing out amid peak seasonal...

ANALYSIS: China’s May 2025 Meat Imports Stagnate MOM at 512,582 mt

China in May 2025 imported 512,582 metric tons (mt) of meat, including variety meats, nearly flat month-on-month (MOM), according to preliminary figures from China’s General Administration of Customs (GACC).

Slipping just 0.1% MOM, the decline came as China continued to expand market access across the chicken, venison segments from New Zealand, France and Russia.

However, export licenses of American beef plants were in limbo. The expiration of United States (US) plant licenses in China’s Import Food Enterprise Registration (CIFER) system, placed downward pressure...

ANALYSIS: Turkey Exports Slide, How Tariffs and Other Headwinds Hit the Market

Total turkey exports ended the month of April down approximately 23.7% year-over-year (YOY). This was primarily driven by a 23.5% decrease in the volume moved to Mexico, which made up 83.2% of international purchasing of US turkey for April compared to a 5-year average of 67.1%. Much of the changes to US exports of turkey during the spring can be related to tariffs, along with ongoing production concerns.

The month-over-month (MOM) change was only a decline of 0.9%, compared...

ANALYSIS: Brazil’s May Beef Exports Down 9.7% MoM to 218,066 mt, as US Shipments Drop Nearly 50%

Brazilian beef exports (chilled or frozen) dropped to 218,066 metric tons (mt) in May, according to the latest data released by Brazil’s Ministry of Development, Industry, Trade, and Services. This is 9.7% lower compared to April’s figure, but still reflected a 2.9% growth YoY.

Shipments to China represented 50.9% of that volume, or 111,030 mt, up 4.1% MoM and 13.4% higher than last year, firmly securing China’s position as the leading destination for Brazilian beef. China’s...

ANALYSIS: The Butts Are Back, Grilling Season Sparks Price Spike in May

May was marked by a robust rally in pork butt values, propelled by seasonal pulled pork demand, strong export pull, and tightening supply fundamentals. With grilling season well underway and the Fourth of July approaching, sentiments among some market participants remain bullish, particularly as processors and retailers continue to feature this item in promotional rotations and value-added offerings.

¼ trim bone-in butt values averaged $1.46/lb in May, reflecting a full steady to firm tone. This cut experienced a...

ANALYSIS: Chicken Hatch Remains on YOY Upswing

In the chicken market, persistent uncertainty around disease risk, pockets of seasonally atypical market movement, and global trade tension continue to complicate forward-looking strategies for buyers and sellers alike. This environment is pushing stakeholders to seek clearer signals amid the noise. In that regard, hatchery performance is one of the few guiding lights in an otherwise volatile market landscape.

According to the latest USDA hatchery figures, both eggs set and chicks placed continue to post steady year-over-year (YOY) gains. Egg sets for the week ending May 31 reached...

ANALYSIS: From Boom to Bottleneck, 10 Years of US-China Beef Trade and What’s Next

After more than a decade of building momentum, US beef exports to China hit a wall in Q2 2025 as tariffs disrupted one of the world’s most dynamic meat trade lanes. The pause in duties since mid-May has since eased tensions, but trade has yet to see signs of reviving. 

Over the years, China became US’s third largest key destination for American grain-fed cuts especially offal cuts, prized for their suitability in local cuisine. 

While the reprieve is welcome...

ANALYSIS: Supply-Driven Pricing in the Turkey Market

The number of turkeys processed in April was at an all-time low, following a trend that was established in August of last year. HPAI, avian metapneumovirus, and economic limitations all continue to impact the availability of supplies. The record low supplies are influencing an extremely bullish market as 21 of Expana’s quotations reach all-time high levels. Still, participants on both sides of the negotiation table lament the lack of offerings. Many sellers have reportedly taken a cautious approach when it comes to the pricing of certain lines, especially... 

ANALYSIS: Brazil’s Recent FMD-Free Status and Potential Implications for Global Beef Trade

In recent developments, Brazil has been officially recognized as free from foot-and-mouth disease (FMD) without vaccination by the World Organization for Animal Health (WOAH), as announced during the 92^nd General Session held in Paris this week. The new status marks a significant milestone in Brazil’s long-term efforts to strengthen animal health systems and bolster sanitary credibility in international markets.

FMD is a highly contagious viral disease affecting livestock, including cattle, swine, sheep, goats and other cloven-hoofed ruminants...

ANALYSIS: EU Egg Imports Climb Further in Q1 2025, Led by Ukraine

EU egg imports continued to rise in the first quarter of 2025, reaching 39,067 MT in egg equivalent weight, according to the latest figures from the European Commission. This marks a significant year-over-year (YoY) increase from 26,061 MT in Q1 2024, and extends the steady upward trend observed since 2022. Much of this growth was once again driven by Ukraine, which accounted for 29,459 MT, up 77% from the same period last year.

Fresh shell eggs remain the dominant import category, totalling 25,341 MT in Q1...

ANALYSIS: Japan’s April 2025 Beef Imports Soar to 12-Month Highs

Japan’s beef imports in April 2025 surged to the highest level in twelve months, climbing for the second consecutive month to 53,125 metric tons (mt), according to the latest data from Japan’s Trade Statistics.

 In line with traditional trends, volumes jumped a staggering 71.5% month-on-month (MoM) or 22,156 mt on the back of stocking replenishment ahead of the ahead of the Golden Week holiday season in early May.

Australia led shipments at 24,150 mt, followed by the US at 20,583 mt. Canada supplied 3,696 mt...

The Retail Rundown: Pork Deals Deliver Summer Savings

Pork promotions are gaining momentum, with value-priced cuts standing out against higher-priced beef and even some chicken items.

Bacon continues to steal the spotlight in the pork category, fueled by strong seasonal demand as consumers stock up on this summer staple. Over Memorial Day, discounted bacon averaged $6.30 per pound, up nearly 3% from last year. Wholesale belly prices have climbed 13% since early April, supported by tightening hog supplies and historically low cold storage stocks.

As grilling season gains momentum, demand for ribs...

ANALYSIS: Lamb and Veal Cold Storage Remains Tight Despite Modest April Gains

According to the latest USDA Cold Storage report, total frozen lamb and veal inventories in April 2025 were 19.627 million pounds, up 0.9% from March but still well below typical levels for this time of year. Compared to April last year, supplies were down 18% and nearly 24% below the three-year average, making it one of the lowest April totals in recent years—just slightly above 2006 and 2011 levels.

Lamb stocks rose modestly by 180,000 pound...

ANALYSIS: Cage-Free Prices Continue to Decline, Though Late-Week Buying Slows Pace

Cage-free egg values continued to slide this week, with wholesale prices falling to $3.16/dozen—a 15% drop from the previous week. While this May has followed a “typical” seasonal pattern for the egg market, subtle changes have begun to emerge as the week progresses—developments not uncommon in late Q2 that hint at a possible turn in the recent market trajectory.

May is traditionally one of the weakest months for shell egg demand, and this year has been no exception...

ANALYSIS: April Pork Cold Storage Remains Tight Despite Seasonal Increase in Volume

April’s USDA Cold Storage report showed total pork inventories at 455.8 million pounds, up 11.3% from March but still 8.7% below the same time last year. This marks the third-lowest April total since the series began in 1999, sitting just above April 2001 and 2004, and suggests that while volumes increased month-over-month, they remain historically low.

Hams contributed significantly to the overall build, with bone-in hams rising 26.9% and boneless hams up 53.2% from March. Total ham stocks reached 87.9 million pounds...

ANALYSIS: US 2025 Prime Grading Surges to Record Highs

As we head into peak grilling season, it's an ideal time to look at Prime grading trends in the beef market. This year, Prime grading percentages have surged well above 2024 levels, reaching unprecedented highs. In early May, 13.2% of cattle graded Prime, marking a 15% increase over the same time last year and even surpassing the Select grade share, which sat at 12%.

This shift is being driven by several key factors. Improved genetics, especially through the use of high-marbling breeds like Angus, combined with longer feeding...

ANALYSIS: April Chicken Cold Storage, Inventory Rebalancing Continues Amid Demand Shifts

Chicken cold storage inventories in April rose 2.1 percent year-over-year, even as total volumes declined 2.3 percent month-over-month. This monthly drawdown was more significant than the typical five-year April average decline of 1.7 percent, reflecting an active reduction in certain categories as seasonal demand shifts into focus.

Breasts and breast meat, which account for the largest portion of total chicken in cold storage, declined 5.8 percent from March. Inventories remain 7.5 percent above year-ago levels and are consistent with historical averages...

ANALYSIS: Turkey Inventories Remain at Multi-Year Low

The latest cold storage report continues to reflect the strain on the US turkey supply chain. Total turkey inventories fell to 318.8 million pounds in April, marking a new seasonal low and an 18.4% year-over-year (YoY) decline from April 2024. This represents the seventh consecutive month of YoY reductions.

A combination of reduced hatchery figures when compared to last year, along with ongoing disease issues, continues to limit overall production output. Highly pathogenic avian influenza (HPAI) detections year-to-date (YTD) are...

ANALYSIS: US Boneless Beef Cold Storage Declines Despite Increasing Shipments Overseas 

Boneless beef cold storage stocks stood at 376.9M lbs in April, according to the latest USDA cold storage report. This figure represents a decline of 10.3M lbs from March and 9.9M lbs from the previous April.

Seasonally, cold storage levels tend to drop heading into the summer as grilling season begins and consumer demand for beef rises. This year, April recorded the lowest boneless beef cold storage figure for the month in the past decade.

Meanwhile, US imports of boneless beef surged in April...

The Retail Rundown: Father’s Day Fires Up Demand for Premium Cuts

Meat sales over Memorial Day weekend appeared to underperform in some regions this year, as cool weather across the Midwest curbed outdoor grilling activity.

Retailers are now setting their sights on the next major grilling event, Father’s Day, paired with hopes for improved weather. Falling on June 15th this year, the event presents another opportunity to drive protein consumption. 

This week’s retail buying opportunities are led by seafood, which accounts for 28.2% of protein ads. Beef has 26.4%, trailed by pork at 23.2%, chicken at 18%, and turkey with...

ANALYSIS: Cage-Free Price Erosion Accelerates as Buying Interest Fades

Cage-free values continue to decline sharply, dropping 68cts over the past week. While cage-free transactional values had recently been under pressure, the conventional market had provided some support to the broader category through down-packing flexibility. That dynamic has now shifted, as seasonal trends take hold and the entire egg market faces widespread downward pressure. 

The primary driver behind cage-free weakness is soft retail demand. Retailers—especially in California and other states with mandatory cage-free laws—have shown reluctance to put eggs on feature...

ANALYSIS: Slight Dip in Total Red Meat Output Despite Steady Pork Gains in April

The USDA’s latest Monthly Livestock Slaughter report reveals that US commercial red meat production in April 2025 totaled 4.60 billion pounds, reflecting a modest 1% decline from the 4.64 billion pounds reported in April 2024.

Cumulative red meat production from January through April reached 18.1 billion pounds, also down 1% year-over-year. Within the broader protein mix, beef production slipped 1%, veal saw a sharp 40% decrease, and pork edged 1% lower. However, lamb and mutton production bucked the trend...

ANALYSIS: Chicken Production Expectations on the Rise

The May 2025 USDA Livestock, Dairy, and Poultry Outlook paints a cautiously optimistic picture for the US broiler industry. While growth remains intact, several factors—including production constraints and global trade uncertainties—are creating a more measured trajectory moving forward. 

US broiler production is now projected to reach 47.5 billion pounds in 2025, reflecting a modest 1.1% increase over last year. This growth is fueled by a higher number of birds slaughtered and slightly heavier average weights. However, the forecast ha

ANALYSIS: New Zealand’s April 2025 Beef Exports Pull Back to 43,739 mt after 10-Month High

New Zealand’s beef exports retreated in April 2025, easing to 43,739 metric tons (mt), according to the latest data from Stats NZ.

Volumes slipped 13.8% month-on-month (MoM), down 7,027 mt from March’s 10-month high. The decline was driven by lower shipments to the United States, China, and Canada, while modest gains to Japan, Korea, and Taiwan helped cap losses.

Annual volumes dipped 2.9% or 1,324 mt compared to a year ago, driven by softer demand from...

ANALYSIS: China’s April 2025 Beef Imports Dips 1.8% MoM to 209,361 mt

China's total beef imports in April 2025 eased back 1.8% month-on-month (MoM) or 3,782 mt to 209,361 metric tons (mt), according to the latest data from the General Administration of Customs of China (GACC).

Inbound shipments fell by 3,782 mt, driven by lower numbers from Brazil, Argentina and New Zealand. However, firmer volumes from the United States (US), Uruguay and Australia cushioned further falls.

On a year-on-year (YoY) basis, imports fell 6.7% or 15,040 mt pressured by rising domestic production...

ANALYSIS: Expectations for Chicken Prices After EU Bans Poultry Imports from Brazil

Brazil, which accounts for approximately 30% of global poultry exports (with China as its top customer, followed by the United Arab Emirates, Japan, Saudi Arabia, and South Africa), confirmed its first outbreak of bird flu on a poultry farm on May 16, 2025. In response, the European Commission (EC) has banned imports of Brazilian poultry and poultry meat products to the European Union (EU).

Although the EU represents only 4.4% of Brazil’s total poultry exports, Brazil accounts for approximately 32% of the EU’s poultry... 

ANALYSIS: Turkey Hatch Figures Reflect Supply Pinch with Slight Variations

Given the well accounted for supply landscape surrounding most key segments within the turkey complex at the moment, market participants are closely monitoring for any signs of a shift from the prevailing status quo. Although May marked the nineteenth consecutive month of year-over-year (YoY) declines in the eggs in incubators, there could be some emerging indications that an inflection point may be approaching, at least on paper.

May’s beginning tally of 24.8 million eggs in incubators was just 0.2%, or 51,000 eggs, below the comparable period in...

ANALYSIS: Australia’s Q1 2025 Beef Production Rises 2.7% QoQ on Higher Cattle Turnoff

Australia produced 679,048 mt of beef in Q1 2025 (excluding meat from calves), up 2.7% from the previous quarter, according to the latest data from the Australian Bureau of Statistics (ABS).

Just shy of the Q3 2024 record, the 18,149 mt increase was driven by higher cattle turnoff in Victoria (VIC) and South Australia (SA) due to dry weather conditions. On a quarterly basis, SA lifted 15.6% in beef production while VIC firmed 2.9%.

New South Wales (NSW) produced 7.7% more beef in Q1 2025... 

ANALYSIS: Early 2025 Safeguard Trigger Looms as China Ramps Up Aussie Beef

China’s imports of Australian beef are rapidly approaching the 2025 Special Agricultural Safeguard (SSG) threshold, raising industry concerns that the Most-Favored Nation tariffs could be activated earlier than anticipated.

The 2025 SSG volume is set at 208,307 mt. The latest General Administration of Customs of the People's Republic of China (GACC) data showed year-to-date (YTD) volumes from Australia are tracking above seasonal averages, driven largely by strong grain-fed beef shipments since the start of the year...

ANALYSIS: Pork Cutout Strengthens Ahead of Memorial Day

The Expana pork cutout value continued its gradual upward trajectory, a trend that began in mid-April, posting a 6% gain through Friday’s close. This includes a 3% increase over the past week alone, driven primarily by strength in the ham, picnic, and butt primals, as seasonal demand intensifies heading into the heart of grilling season. Year-to-date slaughter rates are running 1.2% below year-ago levels and cold storage inventories are sitting at record lows, both supporting the cutout value. The approach of the Memorial Day holiday...

ANALYSIS: US Beef Hearts Price Inching Closer to Record High

In the current beef variety market, hearts are attracting a lot of attention. Currently, the weekly average price is up about 44% from the beginning of the year, sitting at approximately $1.68/lb—almost 3% below the all-time high of $1.73/lb recorded in October 2024.

For 2020-2024 the weekly average price was around $1.14/lb and over the last 10 years, the weekly average price of beef hearts has increased by 123.18%. The current high prices can be partly attributed to reduced slaughter...b

ANALYSIS: Korea’s April 2025 Beef Imports Slip MoM to 38,068 mt

Korea’s beef imports in the month of April 2025 amounted to 38,068 metric tons (mt), slipping 5.3% month-on-month (MoM), according to the latest data from Korea Customs Service.

In line with historical trends, the 2,130 mt monthly decrease was driven by lower in-bound shipments across key suppliers such as the United States (US), Australia, Canada and New Zealand.  

Annually, April imports firmed 1.5% year-on-year (YoY), a modest increase of 555 mt, led by higher tonnage from Australia and New Zealand while supply from the...

The Retail Rundown: Seafood Leads Memorial Day Retail Ads; Weather Poses Challenges

Seafood leads retail protein promotions heading into Memorial Day weekend, accounting for 28.7% of total featured protein ad volume. Pork follows at 25.9%, with beef at 21.3% and chicken at 19.3%.

Egg feature volume is virtually absent amid sluggish retail demand. Warmer weather is prompting a shift toward fruit and cereal for breakfast, while elevated, though easing, shelf prices continue to dampen consumer interest, according to Expana.

Within the seafood category, fresh and frozen fillets represent the largest share of advertised items at nearly 28%. Raw shrimp...

ANALYSIS: UK–US Trade Agreement on Tariffs: Implications for the Beef Industry

On May 8, 2025, the United Kingdom and the United States formalized a trade agreement targeting the reduction of tariffs on selected goods, marking a significant shift in bilateral trade relations. Among the headline provisions was the removal or reduction of tariffs on key commodities, notably steel, aluminum, and beef.

A particularly impactful change involves US beef exports to the UK. Previously constrained by a 20% tariff on a quota of 1,000 tons, US beef will now benefit from a zero-tariff quota expanded to...

ANALYSIS: Retail Lamb Demand Peaks with Easter

Retail scanner data from Circana indicates that fresh lamb leg sales rose sharply in April, largely driven by Easter and the cultural traditions associated with the protein. For the week of April 20, 2025 (Easter week), sales totaled over $8.2 million—approximately $700,000 more than during Easter 2024, which occurred earlier in the year. While the average discounted price in 2024 was lower at $5.74 per pound, shoppers in 2025 paid an average of $6.03 per pound and still purchased nearly three times more volume than the prior week...

ANALYSIS: The Rise of Beef and Dairy Animal Crossbreeding in the US 

Beef-on-dairy (beef x dairy) crossbreeding has gained significant traction in recent years, particularly the use of Holstein cows bred with widely used beef cattle breeds.  Financial incentives are present for dairy farmers in times when milk checks remain uncertain.

Historically, however, the beef and dairy sectors have operated as largely separate industries. Dairy farms have primarily focused on milk production, with breeding programs aimed at optimizing traits like milk yield, udder health, and reproductive efficiency...

ANALYSIS: China’s Meat Imports Slip 6.4% MoM to 512,899 mt in April

China in April 2025 imported 512,899 metric tons (mt) of meat, including variety meats, down 6.4% month-on-month (MoM), according to preliminary figures from China’s General Administration of Customs (GACC).

The 34,926 mt decline in exports reflected a mix of challenges. The ongoing cost-of-living crisis has weighed on meat consumption, while a boost in domestic production during Q1 2025, fueled by a recovery in pig farming and higher beef and poultry output, has lessened reliance on imports...

ANALYSIS: Chicken Exports for March Driven by Global Uncertainty 

March 2025 broiler exports totaled 568,711,000 lbs, up 1.8% year-over-year (YoY) and 3.9% from February. While the headline growth appears stable, underlying market movements suggest a broiler export sector navigating increasing trade friction and market realignment.

Taiwan saw the steepest decline, with volumes falling 47.3% YoY and 69.5% month-over-month (MoM), landing far below its 5-year March average. This aligns with ongoing geopolitical strain and shifting procurement policies, possibly tied to broader regional trade conflicts and retaliatory barriers that have sharply reduced...

ANALYSIS: US Retail Tongue Distribution and Non-Discounted Price Leading up to Cinco de Mayo

According to Circana data for week ending the last Sunday before Cinco de Mayo, the average top distribution areas for 2024 and 2025 were: Los Angeles, CA; Phoenix/Tucson, AZ; Dallas-Fort Worth, TX; Roanoke, VA; and New York, NY. Meanwhile, the areas with the highest average price charged to consumers for 2024 and 2025 were: Buffalo/Rochester, NY; Syracuse, NY; Las Vegas, NV; Phoenix/Tucson, AZ; and San Diego, CA.  

Roanoke, VA was a standout because it’s 82 lbs worth 

ANALYSIS: US-Mexico Ribeye Price Gaps and Market Shifts

Historically, the export market for Mexican beef to the US has shown consistent year-over-year volume increases, positioning Mexico as a key source for buyers seeking products to meet inventory needs. However, recent years have brought challenges, with rising demand and price surges in the US market, alongside exchange rate fluctuations, causing price differentials to shift based on factors like seasonality. 

From January to April 2024, Mexican Ribeye averaged between $5.19 and $5.90 per pound, while US No Roll ranged from $6.99 to $7.12 per pound...

The Retail Rundown: Pre-Grilling Season Retail Insights

With Memorial Day fast approaching, retailers are ramping up promotions to jumpstart the unofficial kickoff to the summer grilling season—a crucial window for driving foot traffic and boosting meat department sales.

The next two weeks are key, as market participants closely watch consumer demand ahead of what is typically one of the busiest periods for beef sales. Protein items are being prominently showcased alongside vibrant seasonal produce, enhancing the appeal of in-store displays.

Seafood leads the protein feature mix this week, accounting for nearly 30% of all advertised protein items...

ANALYSIS: Brazilian Fresh Beef Exports Saw a 12.2% Monthly Growth in April, Up 16.3% YoY

The latest data released by Brazil’s Ministry of Development, Industry, Trade, and Services showed that the country’s fresh (chilled and frozen) beef exports recorded strong performance in April, reaching 241,573 metric tons (mt). This marks record high for the month, up 12.2% from March and 16.3% higher compared to the same period last year.

China maintained its position as Brazil's leading trading partner, recording an 11.1% MoM growth to 106,639 mt. This represents a 5.6% YoY increase...

ANALYSIS: US Pork Exports Rebound in March 2025 Amid Trade Headwinds and Tariff Uncertainty

In March 2025, US pork exports demonstrated a series of increases across various regions, with total exports reaching 641,018.50 K lbs—a 13.45% month-over-month (MoM) increase and a 3.06% year-over-year (YoY) gain compared to March 2024. This trend indicated short-term demand, though it comes amid notable trade headwinds.

The industry remained on edge over the looming threat of reciprocal tariffs, scheduled to take effect in early April after being delayed by 30 days to allow additional time for negotiations...

ANALYSIS: 2025 US Top Sirloin Butt Prices Climb 48% From January Lows

With grilling season approaching and tenderloins, ribeyes, and strips commanding elevated prices, many consumers are turning to more economical alternatives such as the boneless Choice top sirloin butt. Prices for this item are now at record highs for this time of year, currently sitting at $6.12/lb which shows a 35% increase over 2024 levels and a 48% jump from the lows seen in January 2025. When compared to the 3-year average, current pricing is also 36% higher, highlighting just how strong this rally has been...

ANALYSIS: EU Broiler Market Update - Price Momentum, Production Growth, and Export Potential

The EU broiler market has shown notable price resilience in recent months, as average prices reached EUR 2.88/kg by the end of April 2025. This marks a year-on-year increase of 9.3%, positioning EU broiler prices ahead of those in other major poultry-producing regions such as Brazil and Thailand.

Brazilian broiler prices remain significantly lower, despite modest gains in recent weeks. Current price levels are at approximately EUR 1.5 /kg, highlighting Brazil's continued cost competitiveness in the global poultry market...

ANALYSIS: Uruguay’s Beef Exports Fall in April Amid US Modest Growth and China's Persistent Downturn

According to the latest data from Uruguay’s National Customs Directorate, fresh beef exports totaled 28,142 metric tons (mt) in April. This corresponds to a 6.5% decline compared to March and a 7.0% drop Y-o-Y, reflecting softer demand from the Chinese market, partially offset by modest growth in other regions.

The US remained Uruguay’s top beef export destination after overtaking China two months ago, expanding its share to 41.7% of total volume shipped during April, or 11,723 mt. This represents a modest 2.6% M-o-M increase but a notable 42.6% gain...

ANALYSIS: Chicken Slaughter: A Look at Q1 and What Lies Ahead

The first quarter of 2025 has extended the poultry industry’s trend of constrained production, with slaughter volumes trailing historical norms due to a mix of operational and biological challenges. January began firmly, with federally inspected chicken slaughter reaching 834.3 million head—slightly above both 2024’s level and the historical maximum for the month. However, this strength was not sustained.

February volumes fell sharply to 736.9 million head, reflecting the combined effects of widespread winter storms and plant downtime which limited live bird transport and reduced line schedules...

The Retail Rundown: Grocers Take on Foodservice for a Slice of Mother’s Day Spending

Grocers are gearing up to win a slice of Mother’s Day sales, which are traditionally dominated by restaurants and dining out. While foodservice still captures the lion’s share of spending, supermarkets are making strategic plays to compete for consumers' dollars.

According to the National Retail Federation, Mother’s Day spending is projected to hit $34.1 billion this year—up from $33.5 billion in 2024 and just shy of the 2023 record of $35.7 billion. About 84% of US adults are expected to celebrate, spending an average of $259.04 on gifts and festivities...

ANALYSIS: Chilean Salmon Market and Production Update

In April, the average price for whole fresh Chilean Atlantic farmed salmon 4-5 kg in the United States market ($4.65 lbs. - €9.17 kg) rose by 1.9% month-on-month, amidst a stable whole fish market characterized by adequate supply against moderate demand. Despite the generally stable conditions, the Chilean salmon sector is currently facing instability due to a 10% tariff imposed on its products. This tariff could potentially lower Free on Board (FOB) prices in Chile while increasing consumer prices in the United States, which remains a significant market for Chilean salmon...

ANALYSIS: Mexican Beef Export Trends in Q1 2025

The Mexican beef export market to the US showed mixed trends in the first quarter of 2025, reflecting shifts in trade dynamics. The short period of US tariff imposition on Mexico marked a turning point in market activity, leading some exporters to reduce or suspend shipments while others negotiated agreements to manage the new costs. Exchange rate fluctuations driven by macroeconomic factors initially boosted export incentives but rising domestic demand in Mexico and a stronger peso later shifted the focus to the local market. Feeder cattle exports also saw changes following the November 2024 suspension, with new inspections to monitor cattle health and import viability altering trade flows...

ANALYSIS: Australia’s April 2025 Beef Exports Rebound 18.5% MoM as Cyclone Effects Fade

Australia exported 127,173 metric tons (mt) of beef in April 2025, up 18.5% month-on-month, as shipments rebounded sharply from a weather-disrupted March, according to data from the Department of Agriculture, Fisheries and Forestry (DAFF).

Shipments recovered following logistical interruptions caused by Ex-cyclone Alfred, during Australia’s most active tropical cyclone season in two decades. Port closures and road disruptions across Queensland, the country's key processing hub, had weighed heavily...

ANALYSIS: Turkey Harvest Numbers Continue to Fall Below Industry Norms

The 2025 turkey slaughter trajectory is shaping up to be one of the most historically limited starts in recent memory. USDA data shows federally inspected turkey headcounts for January through March averaging just over 14.5 million per month - an 18% drop from the 24-year average and nearly 19% below the 5-year norm. February was especially weak, with only 13.27 million turkeys harvested - the lowest total for that month in over two decades. Notably, each of the first three months of 2025 has tracked below the previous recorded historical low, firmly establishing the year’s limited supply footing...

ANALYSIS: Belly Primal Drives Resurgent Pork Carcass Value in April

According to the Urner Barry by Expana Pork Carcass Cutout Value Report, recent increases in carcass values have mitigated losses incurred since the beginning of April. Currently, weekly carcass values are holding steady at approximately year-over-year levels, exceeding the three-year average by 2.2%. April itself witnessed a modest rebound in overall values following a 3.1% decline during the first two weeks. While this initial drop was significant, it represented a continuation of a gradual downward trend that began in...

ANALYSIS: Squid Market Faces New Crosscurrents Amid Recently Imposed Tariffs

Squid continues its volatile trajectory into 2025, with many of the same challenges persisting and one significant development poised to reshape the broader market landscape.

Supply across most squid species and origins entering the U.S. remains difficult to navigate, a trend that has persisted for some time. Meanwhile, the market continues to show signs of disruption, with sourcing diversification, a long-standing advantage for this wild-caught species, now proving even more critical.

A major turning point came with the introduction of new presidential legislation on April 2, establishing “Liberation Day” tariffs. This policy imposed a blanket 10% tariff on all U.S. imports effective April 5, alongside elevated duties on 57 individual countries...