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August 28, 1998
RUSSIAN RUBLE DEVALUATION: Effect on U.S. Poultry Meat Exports
The U.S. poultry industry is heavily dependent on Russia as an export market, with shipments in 1998 estimated to absorb 6 percent of total U.S. poultry meat production, or nearly 40 percent of total exports. The recent devaluation of the ruble, difficulties in getting letters of credit, and price uncertainties in Russia imply an immediate decline in U.S. leg quarter exports and an adverse impact on U.S. leg quarter prices. Despite the likely short-term export shock, industry margins are expected to remain above break-even levels.
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