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PODCAST: What's Shakin with Bacon? Volatility in the Pork Market
Russell Barton joins the show (from a distance) to discuss the unprecedented volatility in the pork market due to COVID-19. This segment covers retail, foodservice, unemployment, exports, and more...
Conagra Brands Recalls Frozen Not-Ready-To-Eat Chicken and Turkey Bowl Products
Conagra Brands, Inc., Russellville, Ark. and Marshall, Mo. establishments, are recalling approximately 276,872 pounds of not ready-to-eat chicken and turkey bowl products because the products may contain extraneous material, specifically small rocks, the U.S. Department of Agriculture’s Food Safety and Inspection Service (FSIS) announced today.
The scope of this recall has been expanded to include Healthy Choice Power Bowls Chicken Feta & Farro Bowls, Healthy Choice Power Bowls Unwrapped Burrito Scramble Power Bowls, and Healthy Choice Power Bowls Turkey Sausage & Egg Scramble Power Bowls produced on various dates. The products were produced at two different establishments.
The following additional products are subject to recall...
ANALYSIS: Chicken Exports Spring Forward as China Makes a Comeback
The latest release of the USDA’s export figures help to paint a strong underlying picture to our trade relations with key export partners, and marks a significant return of...
Imports to See Double-Digit Annual Declines Even as Stores Begin to Reopen
Imports at major U.S. retail container ports are expected to see double-digit year-over-year declines this spring and summer as the economic effects of the coronavirus pandemic continue, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates.
“Factories in China are largely back online and stores that closed here in the U.S.. are starting to reopen, but volume is far lower than what we would see in a ‘normal’ year,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Shoppers will come back and there is still a need for essential items, but the economic recovery will be...
U.S. Pork Exports Reach New Heights in March; First Quarter Beef Exports Also on Record Pace
Underpinned by record production, U.S. pork exports completed a tremendous first quarter with new March records for volume and value, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Beef exports also trended higher year-over-year in March, establishing a record first quarter pace.
“March export results were very solid, especially given the COVID-19 related headwinds facing customers in many international markets at that time,” said USMEF President and CEO Dan Halstrom. “Stay-at-home orders created enormous challenges for many countries’ foodservice sectors, several key currencies slumped against the U.S. dollar and logistical obstacles surfaced in...
Rabobank Pork Quarterly Q2 2020: COVID-19 Crisis Disrupts Global Pork Industry
Rabobank expects continued volatility in pork prices in 2020, as disruption in local markets is balanced with product shortfalls in Asia.
“The combined effect of near-term demand destruction and processing interruptions due to labor constraints has weakened producer returns and will slow production growth. Weaker GDP growth could further pressure pork demand, compounding an already challenging operating environment,” according to Christine McCracken, Senior Animal Protein Analyst.
China: Hog price strength reflects slow herd recovery and demand recovery
Hog prices remain elevated on African swine fever (ASF) herd losses and a gradual recovery in the production sector. Producer interest in rebuilding remains...
NRF Statement on Administration’s Tariff Deferral Announcement
The National Retail Federation today issued the following statement from President and CEO Matthew Shay on the Trump Administration’s announcement to delay the collection of import duties amid COVID-19 pandemic:
“The White House announcement that the government is providing a limited duty deferral for importers is welcome news to retailers struggling to find any good news during this extremely difficult time. We encourage the administration to broaden these deferrals for additional relief. Retailers don’t build stores, buy products and hire associates only to close their doors for weeks at a time. The challenges to the retail industry brought on by this pandemic are...
ANALYSIS: February Turkey Exports: Bittersweet
With February marking the second month of YoY reductions in total turkey export volume, it's safe to say that early year selling sentiment has been...
Estimated March Imports Hit Five-Year Low, Declines Expected to Continue Amid Pandemic
Estimates show that imports at major U.S. retail container ports dropped to their lowest level in five years in March, and imports are projected to remain significantly below normal levels through early summer as the coronavirus pandemic continues, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Even as factories in China have begun to get back to work, we are seeing far fewer imports coming into the United States than previously expected,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Many stores are closed, and consumer demand has been impacted with...
Despite Global Challenges, U.S. Pork and Beef Exports on Record Pace Through February
U.S. pork exports posted the third largest month on record in February while U.S. beef exports also recorded double-digit gains from a year ago, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). Through February, exports of both pork and beef are on a record pace and account for a growing share of record-large U.S. production.
February pork exports reached 273,056 metric tons (mt), up 46% from a year ago, valued at $726.6 million (up 59%), trailing only the volume and value totals from December 2019 and January 2020. For the first two months of the year, pork exports exceeded last year’s pace by...
ANALYSIS: Turkey Thigh Meat and Pork Hams: Feeling the Export Pressure
Marketers of turkey thigh meat and boneless pork hams are certainly no stranger to some cross-protein competition...
USDA Announces Expanded Red Meat Access to China as Phase One Trade Deal Moves Forward
The United States Department of Agriculture (USDA) and the United States Trade Representative (USTR) announced continued progress in the implementation of agriculture provisions in the U.S.-China Phase One Agreement.
The new actions are led by increased access for red meat and poultry into China. According to the statement, U.S. beef producers, for the first time since 2003, will have access to nearly all beef products into China.
An expansion of pork products that will be allowed into Chinese ports was also included in the...
USMEF Statement on Expanded Access to China for U.S. Beef and Pork
The USDA Food Safety and Inspection Service (FSIS) has updated its Export Library for China to reflect expanded access for U.S. beef and pork. These changes were among the provisions negotiated in the U.S.-China “Phase One” trade agreement.
U.S. Meat Export Federation (USMEF) President and CEO Dan Halstrom issued the following statement:
"This is an exciting day for the U.S. beef and pork industries, which have waited a long time to have more meaningful and reliable access to China, and USMEF thanks USTR and USDA for their tireless efforts to negotiate and implement the...
Rabobank: Coronavirus and African Swine Fever to Shake Up Global Poultry Markets
The outlook for global poultry in 2020 will be materially affected by the current coronavirus pandemic, and the ongoing African swine fever (ASF) challenges in the pork industry will bring additional complexity to global markets.
Rabobank expects a further drop in pork production in Asia this year, which could lead to potential growth in local poultry production and international trade, if rising supply chain challenges can be managed. As coronavirus is now expected to cause a global economic slowdown, poultry demand could...
ANALYSIS: January Turkey Exports: Ups and Downs
Upon first glance, the latest turkey export data for the month of January appears to follow closely in the wake of December’s choppy year-end close...
ANALYSIS: Keeping Tabs on YoY Chicken Prices
With Q2 just around the corner, we thought it would be a good opportunity to gain some perspective on the YoY performance of some key items within the chicken complex...
47 Members of Congress Send Letter Requesting U.S. Chicken Market Access to the United Kingdom
Arkansas Representative Steve Womack (R, AR-3), along with 46 Members of Congress, yesterday sent a letter to U.S. Trade Representative Robert Lighthizer requesting that U.S. chicken products be included in any new trade agreement with the United Kingdom.
The letter specifically addresses the European Union’s long-standing, unscientific ban on U.S.-exported chicken due to an American practice of using chlorine during processing. The U.K. formally adhered to the E.U.’s food safety standards in 1997 and American chicken has been banned from entry since that time.
“With almost one of five pounds of chicken being exported, a robust and expanding overseas market is extremely important to the economic health and well-being of the U.S. chicken industry,” said National Chicken Council President Mike Brown. “Including U.S. chicken is critical in...
Rapid Start to 2020 for U.S. Pork Exports; Beef Exports also Trend Higher
Following a record-breaking performance in 2019, U.S. pork exports maintained a torrid pace in January, according to data released by USDA and compiled by the U.S. Meat Export Federation (USMEF). January beef exports were also higher year-over-year, while exports of U.S. lamb trended lower.
January pork exports cooled slightly from the volume and value records established in December 2019, but still far exceeded year-ago levels. Both the January export volume of 273,603 metric tons (mt), up 36% year-over-year, and export value ($738.7 million, up 50%) were the second highest on record. Export value per head slaughtered was $62.53, up 40% from a year ago. Exports accounted for 29.8% of total pork production and...
Coronavirus Impact on Imports Expected to Be Larger and Longer than Previously Expected
The coronavirus outbreak is expected to have a longer and larger impact on imports at major U.S. retail container ports than previously believed as factory shutdowns and travel restrictions in China continue to affect production, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“There are still a lot of unknowns to fully determine the impact of the coronavirus on the supply chain,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “As factories in China continue to come back online, products are now flowing again. But there are still issues affecting cargo movement, including...
Rabobank Beef Quarterly Q1: China in the Front Seat for Beef Imports in 2020
We are yet again experiencing a major disruption to one of the world’s largest beef importers, China. “The outbreak of the coronavirus in China has had a major impact on foodservice and trade. With foodservice as the main channel for sales, beef is expected to feel the impact more than others. Indications from the 2003 SARS outbreak suggest that once the virus is contained, sales and trade should rebound quickly. However, the timeframe for control remains uncertain,” according to senior animal protein analyst Angus Gidley-Baird.
In other developments:
US trade deals
Progress was made on the USMCA, and the Japan/US trade deal was approved in December. These were closely followed by the signing of the phase-one US-China trade agreement in January. Although questions remain on...
ANALYSIS: Freezer Burn
In light of the recent attention being placed on China, a central focus of chicken processors and exporters has been the back half of the bird, and with good reason...
Coronavirus Hits Chinese Soy Supply Chain, Lowering Consumption and Import Needs
The outbreak of coronavirus (designated as Covid-19 by the WHO) will hit Chinese soy oil and soymeal consumption, primarily in Q1 and early Q2 2020. Barring an extreme escalation of the epidemic, both are expected to register a robust rebound in 2H 2020.
Due to weakened Chinese demand, strong competition from South America, and seasonal trade patterns, China’s import pace of US soybeans will remain slow in the coming months. Lower-than-previously-anticipated procurement of US soybeans, might run the risk of reigniting the trade war during the US election campaign.
This research is based on the information available to date. As the situation remains fluid, Rabobank is closely monitoring the developments and...
NRF Says Consumers Continue to Drive Economy, Forecasts Retail Sales will Grow
The National Retail Federation today forecast that retail sales during 2020 will increase between 3.5 percent and 4.1 percent to more than $3.9 trillion despite uncertainty from the lingering trade war, coronavirus and the presidential election.
“The nation’s record-long economic expansion is continuing, and consumers remain the drivers of that expansion,” NRF President and CEO Matthew Shay said. “With gains in household income and wealth, lower interest rates and strong consumer confidence, we expect another healthy year ahead. There are always wild cards we cannot control like coronavirus and...
Update: List of Current Plant Closures Due to COVID-19
The Trip Back to 'Normal' Slaughter Levels
Consumer Confidence Index Stabilizes in May
UB Consulting Presents: The Other Side of COVID-19
Has the Coronavirus Caused Consumers to Adopt New Eating Behaviors?
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