Beef value jumps to record with global demand
Jeff DeYoung, Iowa Farmer Today
AgUpdate - May 11, 2022
Beef exports set another value record in March.
Value climbed 33% in March to a record $1.07 billion, according to data from USDA in an analysis from the U.S. Meat Export Federation. Export totals were up 1% from a year ago.
“Global demand for U.S. beef has eclipsed anything I have seen in many years in the meat business,” said Dan Halstrom, USMEF president and CEO.
“While this momentum is fueled by mainstay markets such as South Korea, Japan and Taiwan, demand is also very strong in China/Hong Kong and key Latin American markets, while exports to the Middle East have rebounded impressively.”
Recent lockdowns in China due to COVID-19 are not completely reflected in the numbers, Halstrom says. Those lockdowns have slowed market movement sales and will likely be reflected in April and May export data.
Inflation is also going to impact numbers, he says.
“Consumers throughout the world have shown how much they value the quality of U.S. beef, but disposable income is under increasing pressure as they pay more for energy and other daily needs,” he said...