U.S. Poultry Production: Pedal to the metal
Annual Poultry Production is up 2.6 percent year-over-year and rising. The quarterly growth rate suggests continued acceleration in annual production. The current seasonal decline in the monthly and quarterly figures is milder than normal by historical standards or even compared with the past few years; current monthly production declined by only 3.8 percent month-to-month compared with a normal range of decline of 5.8 to 9.7 percent for this time of year. All indications point to continued strength in the annual poultry production data trend.
Growth in production is being driven by domestic and foreign demand for U.S. poultry products. Personal Consumption Expenditures on poultry are up 2.5 percent year-over-year at $51.2 billion on annual basis. Despite the loss of Russia as an export outlet under the current trade sanctions, U.S. poultry exports hit a record 4.1 million metric tons in 2014, up 0.4 percent year-over-year, with a large increase in exports of chicken paws to Hong Kong. Exports to mainland China have fallen and recently have been cut off entirely on fears of avian influenza, which is likely to slow export growth.