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当前位置：首页 > 行业资料 > 农作物 > 巴克莱美股农业行业美国农业2019年6月牛肉配额201961723页
EquityResearch17June2019COREBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ThisresearchreporthasbeenpreparedinwholeorinpartbyequityresearchanalystsbasedoutsidetheUSwhoarenotregistered/qualifiedasresearchanalystswithFINRA.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE18.Restricted-InternalAmericasAgribusinessBBQ–Ben’sBeefQuotes:June2019InourJuneeditionof“BBQ–Ben’sBeefQuotes”,wecontinuetofollowtheindustrynewsanddata.Supplyanddemandimbalancesandtradewarpressuresremaindriversofvolatilityanduncertainty,weremaincautiousahead.Asinthepastwehighlightimportantnews,majortrendsinagri-productpricing,demandandtradedata.Weincludeeggs,poultry,pork,somelambandveal–it’snotallbeef!NewsAgrowingnumberofplayersintheplant-basedmeatmarket.Perdue,BeyondMeat,TysonFoods,MapleLeafFoods,andNestle,amongothers,enterthealternativemeatsmarket.Growthfortheplant-basedsegmentisexpectedtobeledbythegoaltoreducemeatconsumptionasaresponsetorelatedhealthconcerns,environmentalrisks,andtheimpactonanimalwelfareinindustrialfarming.Theshiftinglobalmeattradecontinuestounfold;ChinauppeditsinspectionproceduresonCanadianmeatandmeatproducts,ontopofpreviousrestrictions.Smallchangesintheindustrylikethesecanincreaseuncertaintyandvolatilityinthemarket.Prices&FeedProductionwasstrongforredmeatgivenhigherslaughterrates,aswasforbroiler;yetweseemoreflattishtonegativegrowthratesforturkey.Pricescontinuedtoperformoverallmixed;wegenerallysawpositivey/ygrowth.Nonetheless,weremaincautiousonuncertaintyregardingsupply/demandbalancingoutalsoasinventorylevelsriseandvolatilityforsomemeatscontinues.Trade&USDAOpportunitiestofulfillthesupply/demandimbalanceobstructedbytradetariffs.Retaliatorytariffscontinuetopressureexports;someU.S.meatproducersaremissingopportunitiestodirectlyexporttoChinafollowingtheeffectsofASF.Meattradetrendsandmarketdynamicscontinuetoshift.UncertaintygrowsaschangesinmeattradedevelopundertradewarsandtheglobalimpactofASF;newtradepartnersanddifferenttypesofproteins(buffalomeat)arenowindiscussions.Meatavailabilityexpectedtocontinuegrowing.USDAestimatesfor2019and2020redmeatandpoultrypercapitaavailabilityat220.8mnand220.9mnlbs.,respectively(vs.219.5mnlbs.in2018).OurStocksStayingOWonTSN(TopPick),PPC&BRFS;EWonHRL,JBS&SAFMandUWonMRFG.INDUSTRYUPDATEAmericasAgribusinessNEUTRALUnchangedAmericasAgribusinessBenjaminM.Theurer+525552413322benjamin.theurer@barclays.comBBMX,MexicoAntonioHernandez+525552413323antonio.hernandez@barclays.comBBMX,MexicoBarclays|AmericasAgribusiness17June20192CONTENTSAMERICASAGRIBUSINESS..............................................................................3News...................................................................................................................................................................3Commoditytrends.........................................................................................................................................4Priceperformance..........................................................................................................................................5EGGSANDPOULTRY........................................................................................6Production&Capacity..................................................................................................................................6Pricing................................................................................................................................................................7Feed-PriceRatios.........................................................................................................................................10Trade...............................................................................................................................................................11REDMEAT.........................................................................................................12Production&Capacity...............................................................................................................................12Pricing.............................................................................................................................................................14Feed-PriceRatios.........................................................................................................................................16Trade...............................................................................................................................................................17AllpricesareinU.S.dollarsunlessotherwisenoted.PROTEINCATEGORYHIGHLIGHTSPoultryPoultryproductiongrowthremainspositiveforbroilersandweakerforturkey,whilemostoftheturkeyproductionac
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本文标题：巴克莱美股农业行业美国农业2019年6月牛肉配额201961723页
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