ANALYSIS: Brazil’s Latest Tariff Blitz Set to Redraw US Beef Import Landscape

Washington’s sudden decision on July 9 to impose a 50% tariff hike on Brazilian beef imports, effective August 1, is rattling the world’s largest beef market and potentially disrupting one of its largest supply lines.  

Brazil accounted for nearly 30% of the United States (US) imported frozen boneless beef so far in 2025, making this tariff a seismic shock to American buyers and suppliers.

Brazil already faced a 26.4% out-of-quota tariff after taking a significant role in filling the   65,000 metric tons (mt) “other country” beef...

ANALYSIS: Seasonally Elevated Egg Product Values Begin to Ease 

After reaching all-time highs earlier this year across nearly every category, the egg products market is now showing signs of correction. A combination of seasonal softness and fundamental market shifts is placing downward pressure on values in the liquid, frozen, and dried segments. 

Earlier in the year, prices for whole egg, whites, and yolk surged in response to the supply shock caused by HPAI, which sharply reduced the availability of shell eggs during a time of strong demand from schools, institutions, and commercial bakers...

ANALYSIS: US 2025 Top Butts Set Record Highs

As we move deeper into summer and the last major grilling holiday before Labor Day is behind us, it’s a good time to revisit a 2025 standout: the top sirloin butt.

With constrained supplies heading into grilling season, many retail and foodservice buyers turned to top butts as a more economical alternative to ribeyes and strips. However, reduced cattle slaughter and record-high cash cattle prices pushed boxed beef values higher across the board, even for these “value cuts.”

In late June, the...

US Tariffs on Brazilian Imports Spark Cross-Commodity Concerns

US President Donald Trump’s recent move to raise tariffs on Brazilian imports to 50% starting August 1—up sharply from the 10% rate imposed in early April—has sparked concerns in global markets, with potential ripple effects across commodities like orange juice, beef, coffee, sugar, and seafood.

The trade measures, announced Wednesday, are raising alarms in export-dependent sectors and among US importers, with market participants saying the implications could be wide-ranging. 

Brazilian President Luiz Inácio Lula da Silva said the country would respond to the newly announced tariff on Brazilian exports with reciprocal measures. Below, Expana analyzes the potential impact...

BayWa Confirms Most Severe Crisis in Company’s History   

BayWa has confirmed that the 2024 financial year was marked by the most severe crisis in the company’s history. 

“In the summer of 2024, BayWa AG found itself in a debt and liquidity crisis that threatened its very existence, whereupon comprehensive reorganization measures were initiated and a reorganization opinion on the future viability and continued existence of the BayWa Group was commissioned,” the company said in its annual report. 

As part of its ongoing restructuring strategy, BayWa has sold a 47.53% stake in...

ANALYSIS: US Broiler Exports Slide in May as Seasonal Trends Reverse

US broiler exports totaled 509.9 million pounds in May 2025, reflecting a 7.1% decline year-over-year (YOY) and a 7.4% drop month-over-month (MOM). Notably, this monthly contraction stands in contrast to the five-year average MOM increase of 2.4% for May, indicating that this year's performance underdelivered compared to historical seasonal trends.

Mexico led all destinations, with the region absorbing 130.8 million pounds of US chicken in May. MOM movement rose 9.5% which is a stronger-than-typical increase compared...

ANALYSIS: Volatile Market Conditions Shape US Turkey Exports in May

May’s export report showcases a volatile turkey export market. The total values follow a very similar trend as in past months, with a lower year-over-year (YOY) volume and a below-average month-over-month (MOM) change. This is primarily driven by the Mexican market, while the others show quite a bit more variability.

Based on the 5-year average, Mexico generally accounts for 69.2% of the total volume of turkey exported from the US during the month of May. This past May, they accounted...

Burger King Invites Guests to Shape the Menu with New “Whopper by You” Platform

Staying true to its promise, Burger King is giving guests the chance to quite literally “Have it [Their] Way” all summer long.

Beginning July 15 and for a limited time, fans can submit their dream Whopper builds via the brand’s new interactive “Whopper by You” platform.

To kick off the campaign, BK is rolling out its first guest-inspired creation: the BBQ Brisket Whopper and BBQ Brisket Whopper Jr.

The BBQ Brisket Whopper features slow-cooked BBQ brisket, crispy onions, American cheese...

Trump Announces August 1 Tariffs — Here's the Complete List

Global leaders are receiving news on their countries' US tariff rates this week, as President Donald Trump dispatched approximately 20 letters by Wednesday afternoon.

The tariff rates, which range from 20% to 50%, are set to take effect on August 1, unless new negotiations or trade deals are reached in the coming weeks. Trump signed an executive order establishing an August 1 deadline for implementing his “reciprocal” tariffs. He remained firm on social media, emphasizing that it marked the final cutoff for any new trade agreements...

Letter to Brazil: Trump Cites "Witch Hunt" While Charging 50% Tariff

US President Trump has charged 50% tariffs on Brazilian imports to the States, according to a letter to Brazilian President Lula.

This week, reciprocal tariffs were re-announced in the form of letters from the US Trump administration to trading partners who could not reach a deal within the previously granted 90-day pause. And what a fun week it's been for tariffs' "watchers on the wall."

Letters to 22 trading partners were sent with new tariff rates that will be implemented on August 1...

Trump Tariff Letters Continue to Roll Out; Philippines Faces 20% Tariff

President Trump has sent a new batch of letters to several countries, including the Philippines, notifying them of new US tariff rates set to take effect on August 1, giving them a short window to renegotiate trade terms before the deadline.

On July 8, Trump stated that a minimum of seven countries would be released, with an additional group to be released in the afternoon.

Despite multiple tariff implementation delays already, Trump was steadfast and set August 1 as a hard deadline in a social media...

Former USDA Economist Looks at How Trade Disputes and Geopolitics Are Reshaping Agri-Food

As global supply chains face intensifying pressure from geopolitical tensions, climate variability and shifting consumer demands, agri-food leaders are constantly rethinking their procurement strategies.

At Expana’s Agri-Food Americas event on September 23-24 in Chicago, these themes take center stage in the panel discussion “How Geopolitical Uncertainty, Tariffs, and Trade are Impacting Food & Ag”.

Conflict and policy shifts can destabilize your supply chain and disrupt sourcing. This panel will offer expert insights into international affairs so you can adapt quickly...

ANALYSIS: US Boneless Beef Imports Fall in June After a Rush in May

The US imported 81,285 metric tons (mt) of boneless beef in June, according to the latest Food Safety and Inspection Service Report. Compared to May, this is a decrease of 8,420 mt or 9.4%. Volumes in May grew as market participants worked quickly to get material in the country before the new tariff implementation.

 June posted a jump of 23,787 mt or 41.4% year-over-year (YOY), with 2025 continuing to stay well above 2024 levels. As...

The Retail Rundown: Retailers Push Value to Maintain Protein Momentum

Retail meat clearance over the Independence Day holiday was generally strong, with consumers stocking up on grilling staples for the summer’s flagship cookout occasion.

With few major buying events remaining this summer, grocers will likely push aggressive features and highlight value finds to sustain shopper engagement through the dog days of summer.

Post-holiday protein advertisements show seafood maintaining the lead at 33.1% of retail features, followed by beef at 25.1% and pork at 21.5%. Chicken accounted for 16.2%, while turkey fell to just 2%—half of the previous week's...

Trump Letters Reveal August 1 Tariff Rates for Key US Trading Partners

The Trump administration was busy after the Fourth of July holiday, as the President sent out a litany of letters to US trading partners revealing what their tariff rate would be starting on August 1.

Over the weekend, President Donald Trump and members of the administration announced that letters would begin rolling out showcasing new tariff rates for countries. The letters came at a rapid pace on Monday afternoon, with messages dispatched to the leaders of Japan, South Korea and South Africa, to name a few...

Wendy’s Names Interim CEO Amid Leadership Changes

Wendy’s announced the appointment of its Interim CEO Tuesday, following reports of its current President and CEO, Kirk Tanner's resignation. Tanner will depart for The Hershey Company effective July 18.

In response, the Wendy’s Board of Directors has launched a comprehensive search process to identify a permanent CEO.

Meanwhile, Chief Financial Officer Ken Cook has been appointed by the Board to serve as Interim CEO until Tanner’s successor is in place.

"It has been a privilege to lead Wendy's, an iconic brand, and I leave with a sense of gratitude...

Navigating the Trump Tariff Turbulence: A Comprehensive Timeline

US President Donald Trump and his administration have paused reciprocal tariffs on most countries.

“Based on the lack of respect that China has shown... I am hereby raising the [tariff] charged to China by the [USA] to 125%, effective immediately,” wrote Trump on Truth Social at 1:18 pm ET. 

It’s not clear if this 125% is in addition to the 20% imposed on Chinese imports to the US. In early March, Trump noted that he would add another 10% tariff on Chinese goods...

Why Expana’s New Beef Forecast Deserve Your Attention

In a strategic move to bolster its comprehensive red meat market coverage, Expana is introducing a new price forecast for 167A 4 Round, Knuckle, Peeled Beef. 

While the company already delivers over 300 red meat price forecasting series, this new addition seals a crucial gap for stakeholders whose contracts and margins hinge on cut-specific pricing. 

“Forecasting is essential for businesses looking to better understand market dynamics and to make better commercial decisions,” explained Bruno Whittaker, Forecast Analyst at Expana. “ 

“Our forecasts are built on historical...

US to Impose 25% Tariff on Japanese and Korean Imports Starting August 1

President Donald Trump's tariff letters are being rolled out, with Korea and Japan at the forefront. In identical letters released on July 7, the administration announced that both countries will face a 25% tariff on all goods imported into the United States, effective August 1.

In identical letters sent to the leaders of both countries, Trump declared that the US would impose the tariffs “on any and all Korean (Japanese) products sent into the US,” including goods transshipped through third countries in an attempt to bypass the...

ANALYSIS: Cage-Free Market Moves Higher Amid West Coast Strength 

Cage-free values rose 6cts this week, marking a notable contrast to the mostly steady conventional market. While demand for eggs is slightly above typical seasonal levels—buoyed in part by Fourth of July holiday preparations—the real driver of the cage-free market's momentum has been robust West Coast buying interest. 

Traditionally, egg demand softens during midsummer as consumers shift toward lighter, seasonally favorite breakfast meals. However, eggs remain a compelling outlier in today’s retail landscape. Unlike most proteins, which continue to rise in ... 

ANALYSIS: Chicken Hatchery Figures Continue Steady Expansion

In a market shaped by choppy global demand, disease-related caution, and mounting trade tension, hatchery performance remains one of the few reliable signals in an otherwise murky landscape. Despite these external pressures, the chicken industry continues to expand, driven by steady domestic demand and a growing cost advantage over higher-priced beef and turkey.

According to the latest USDA data, egg sets for the week ending June 28 reached 252 million, a 2% year-over-year increase. This marks the 74th consecutive week of YoY gains and aligns with...

US Pushes Tariff Deadline to August, Trump Administration Expects Surge in Deals

President Donald Trump said on July 6 that the US is nearing several new trade deals and that letters will be sent to trading partners by July 9, warning of increased tariffs set to take effect on August 1.

The move effectively extends the administration’s trade deadline from July 9 to August 1, giving Trump more time to finalize agreements. So far, the U.S. has signed just two deals—one with the United Kingdom and another with Vietnam, as Expana reported last week...

Tariff Talks 2025: Expana's Weekly Rundown #16

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

Click to read "Tariff Talks 2025: Expana's Weekly Rundown #16."

This report allows the Expana community to see where key commodity markets stand as of this past week... Click the above PDF report, or keep scrolling to read in plain text...

367,812 Pounds of Oscar Mayer Turkey Bacon Recalled Nationwide Over Listeria Concerns

According to the U.S. Department of Agriculture’s (USDA) Food Safety and Inspection Service (FSIS), the Kraft Heinz Food Company is recalling approximately 367,812 pounds of fully cooked turkey bacon products due to potential contamination with Listeria monocytogenes, identified through laboratory testing.

The affected products were produced between April 24, 2025, and June 11, 2025. They were distributed to retail locations nationwide and exported to the British Virgin Islands and Hong Kong.

The recalled products include:

• 12-oz. vacuum-packed packages of Oscar Mayer Turkey...

ANALYSIS: Summer Squeeze, Limited Turkey Supplies and Consumer Choices

May’s cold storage report tells a story of limited turkey supplies and the search of the American people for value. All turkey categories were down year-over-year (YoY), anywhere from 3.1% for whole toms to 49.7% for MST. This May’s cold storage holdings were below the 5-year average for most categories as well, with the exception of breasts. Along with this theme, the month-over-month (MoM) change in inventories was below average for whole birds and legs.

All of this points to very limited production...

Expana Publication Schedule for The Fourth of July Holiday

Expana will be observing the Fourth of July holiday on Friday, July 4, which will impact the publication of some Expana Benchmark Prices.

The following weekly reports will be impacted:

• US Peanut assessment will be published on Thursday, July 3
• Asia-Pacific Beef Report will be published on Thursday, July 3
• EU Egg Products assessment will be published on Thursday, July 3
• UK Beef Market Complex assessment will be published on Thursday, July 3

The regular publishing schedule will resume on...

Trump Announces US Trade Deal With Vietnam, Including 20% Import Tariff

President Trump announced that the United States has agreed to a new trade deal with Vietnam on July 2.

Trump stated that Vietnam will pay the US a 20% tariff on all goods exported to the U.S. and a 40% tariff on transshipped goods. The higher 40% tariff targets products that are not originally made in Vietnam but are routed through the country to bypass higher tariffs. This move is significant, as many countries have used Vietnam as a transit point to avoid stricter trade penalties aimed at Chinese...

Joey Chestnut Returns to Gobbling Beef Dogs Post Plant-Based Debacle as Prices Rise

Some people have heroes like Michael Jordan and Bo Jackson, for participants in the global food industry and for competitive eating fans, the master is none other than Joey “Jaws” Chestnut. Yet last year, the king of hot dog eating did not compete in the annual Nathan’s Hot Dog Eating Contest in Coney Island, NY on Independence Day due to a sponsorship conflict with Impossible Foods. 

Impossible Foods does have their hot dog made from soy protein isolate, wheat gluten, sunflower oil, coconut oil, among other ingredients...

ANALYSIS: US Pork Cold Storage Tightens Year-Over-Year Despite Seasonal Shifts

According to the USDA’s May Cold Storage report, total pork in frozen inventory declined to 450.9 million pounds, down 5.2 million pounds (- 1.1%) from April, signaling the lowest volumes recorded in the last 10 years. While month-over-month supplies are slightly lower, year-over-year inventories remain significantly tighter—down more than 31 million pounds (-6.6%) compared to May 2024—pointing to persistent supply-side constraints...