SOURCE: Rita Jane Gabbett, MEATINGPLACE, 6/4/12
USDA raised its fiscal 2012 export forecasts for livestock poultry and dairy products by $400 million to a record $29.6 billion in its most recent Outlook for U.S. Agricultural Trade report.
The poultry product export forecast increased by over $250 million to about $6.1 billion from about $5.8 billion on higher sales of both broiler meat and other poultry products.
USDA raised its pork export forecast by nearly $100 million to about $5.6 billion as greater volumes more than offset a slight decline in unit values. The report noted growing shipments to East Asia and North America supported by a relatively weak dollar and competitive pricing.
USDA also raised its beef and pork variety meat export forecast by about $100 million to about $1.4 billion on robust pricing.
Imports
USDA raised its projected imports for livestock and meats to $9.7 billion from $9.4 forecast in February.
The increase in beef imports is due to tighter domestic supplies and ample beef supplies from Canada, Australia, New Zealand and Mexico. The agency noted improved pasture conditions in Australia and New Zealand have boosted carcass weights and production in those countries.
USDA put beef and veal imports for the year at about 800,000 metric tons valued at $3.8 billion compared to its earlier forecast of about 700,000 metric tons valued at $3.3 billion.
Cattle imports are expected to decline in the second half of the year as Canadian producers continue to retain breeding stock to rebuild herds. Cattle imports from Mexico are expected to decline, reflecting lower inventories.
USDA put total cattle imports at about 1.9 million head valued at about $1.5 billion, down from its earlier forecast of 2 billion head valued at about $1.6 billion.
Pork imports are seen lower as larger domestic pork production is expected to reduce pork imports in the second half of the year. USDA put pork imports at about 300,000 metric tons valued at $1.2 billion for the year.
