OSU's Derrell Peel Talks Latest on Beef Exports and Previews Cattle Inventory Report

 

Oklahoma Farm Report

12 Jan 2022

 

Last week, the U.S. Meat Export Federation released the November report for U.S. beef and pork exports. Staying on-trend, beef exports continued to break records as 2021 neared its end. Derrell Peel, an extension specialist for livestock marketing at Oklahoma State University, met with Ron Hays, senior reporter for the Oklahoma Farm Report, to go over the details.

 

“On the beef exports side in November, we were up about 8% on a year-over-year basis,” Peel said. “For the year-to-date basis through November, so the first 11 months of the year, we were up about 18%.”

 

The previous record for U.S. beef exports was in 2018 and set on an annual basis. According to Peel, U.S. beef exports in 2021 are already about 9% higher than in 2018. With no doubt that 2021 has set new records, Peel and the rest of the industry are eagerly waiting for the December numbers to come in so they can see just how big the year was for U.S. beef exports.

 

Japan, South Korea and China/Hong Kong, the three largest importers of U.S. beef, are each set up to account for $2 billion of sales in 2021.

 

U.S. beef imports were also up in November, Peel said.

 

“In November, the imports were significantly higher on a year-over-year basis,” Peel said. “They were up about 27%, but on a year-to-date basis, they are still down about 1.8%.”

 

Net imports of live cattle into the U.S. were down 32% in the first 11 months of the year, Peel said. Live cattle imports from Canada and Mexico were both down, while exports to those countries were up in 2021.

 

Peel also offered his pre-report ideas...

 

more, including audio [5:18 min.]

http://www.oklahomafarmreport.com/wire/beefbuzz/2022/01/02005_BeefBuzz01122022_124055.php