We know the trade war between the United States and China was going to be hard on agriculture. We also knew that soybeans and pork were going to be taking the worst of it. A phrase we heard a lot during the World Pork Expo was “tip of the spear.” The export numbers from May are out, and they don’t paint the rosiest of pictures.
National Pork Board vice president of international marketing Craig Morris says the May export numbers offered mixed reactions. While shipments to South Korea were strong, the loss in the Chinese markets is hard to balance. We also cannot forget the ten percent tariffs from Mexico went into effect in June.
Pork variety meats also had weaker showings in May.
Again, this is the last month of data before the tariffs start affecting the numbers. One thing is for certain, pork producers are definitely a casualty in this trade war.