Farm Progress America, February 22, 2024

Source: Farm Progress. The original article is posted here.

Farm Progress America, February 22, 2024

Mike Pearson examines beef exports and the impact they are having on beef exports.

Beef prices reached record territory. This did hamper beef exports.

But the U.S. Meat Export Federation says there is still a lot to be excited about in the future.

Beef exports remained robust in 2023.

According to John Hinners, U.S. Meat Export Federation, total beef exports are down but the parts that are being exported are adding value to the beef carcass especially variety meat which don't have much value in the United States but do find buyers in other countries.

In December alone, the USA exported the most beef since August with the export value jumping 10 percent year over year.

About 14 percent of U.S. beef exports shipped overseas with China, Japan, Taiwan, South Korea and Canada topping the list of importers.

Export values did drop 15 percent to just under $10 billion but 2023 still the third highest year for beef value exports.

However, a shrinking herd in the USA is causing concern because it means less supply to send overseas.

One bright spot is Mexico where beef imports were 14 percent year over year. Also, the beef shipments into that country have been seen since before Covid lockdowns.

In 2023, Mexico imported $1.19 billion of beef. It was also the largest customer of variety meats which added $318 million carcass values.

Exports added $397 to the value of fed cattle.

However, concerns are rising over the beef supply in 2024 due to a shrinking herd in the USA. However, this could mean higher beef values for producers.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .

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