The U.S. Department of Agriculture, in its latest “Outlook for U.S. Agricultural Trade,” raised the livestock, poultry and dairy export forecast by $600 million to $28.7 billion, almost entirely due to higher anticipated shipments of red meat and products.
USDA raised the beef export projection by $200 million to $6.0 billion and raised pork exports by $400 million to $5.4 billion, which they agency said was due to growth in export volumes to several countries in Asia and Mexico.
Variety meat exports are projected to increase by $100 million to $1.9 billion due to a surge in shipments to Hong Kong and China, USDA said.
“Lard, tallow and grease shipments continue to benefit from robust global demand, driving volumes higher,” according to the report.
USDA added that greater volumes of live animal shipments are expected.
U.S. exports of poultry and poultry products are projected to be $100 million lower, at $4.7 billion, which USDA said results from lower unit values for broiler meat.
On the dairy side, USDA said while exports have been growing in volume, the agency slightly lowered the dairy export forecast by $100 million this month to $5.4 billion as projected prices for such key commodities as nonfat dry milk and cheese have been reduced.