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ANALYSIS: China’s June 2024 Meat Imports at 12-Month Low, 1H 2024 Fell 13.4% YoY
China’s June 2024 meat imports, including entrails, slipped to a 12-month low, with volumes recorded at 514,957 mt, as shown by preliminary customs statistics from the General Administration of Customs of the People's Republic of China.
Imports plunged 31.3% year-on-year (y-o-y) and fell 7.5% month-on-month (m-o-m) from May 2024's556,642 mt as the world’s second largest economy continued to struggle with low domestic consumption.
In the first half of 2024, China imported...
Monthly Import Cargo Continues to Rise Despite Supply Chain Challenges
Monthly inbound cargo volume at the nation’s major container ports is continuing to rise despite a variety of supply chain challenges, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Lulls between supply chain challenges seldom last long, and importers are currently looking at issues including high shipping rates, unresolved port labor negotiations and continuing capacity and congestion issues from the ongoing disruptions in the Red Sea,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
ANAlYSIS: Brazilian Beef Exports Reach Record Highs in H1 2024 Amid Currency Depreciation
Brazilian beef exports reached unprecedented volume in the first half of 2024, totaling 1,139,166 metric tons (MT), a substantial 29.1% increase from the 882,197 MT exported during the same period last year. Just in June, export figures hit 192,567 MT, reflecting a 9.2% decrease from May's 211,976 MT and nearly similar to the same period last year’s 192,688 MT, reflecting only a 0.1% drop.
China remains the top destination for Brazilian beef, absorbing nearly half of the total volume shipped in H1 2024...
ANALYSIS: Australia's 1H 2024 Beef Exports Grew 25.7% Y-o-Y, June Volumes Highest Since 2019
Australia’s beef and veal exports surged to 601,408 mt in the first half of 2024, data from the Department of Agriculture, Fisheries, and Forestry (DAFF) indicated. This marked a robust 25.7% increase compared to the same period last year.
Year-to-date (YTD) volumes grew by 123,030 mt buoyed by high Australian production levels. This growth underscores the timely outcome of herd rebuilding efforts initiated since 2021.
This export increase has primarily been fuelled by a supply shortage in the US caused by ongoing...
Meat Institute Opposes Section 301 Tariffs; Calls for Comprehensive Trade Agreements
In comments submitted to the U.S. Trade Representative (USTR) opposing the proposed modifications to the Section 301 actions, the Meat Institute called for comprehensive trade agreements as a long-term strategy to level the playing field for meat and poultry companies and to hold China accountable for its actions.
“The Section 301 tariffs and resulting retaliatory measures imposed by China have caused undue harm to U.S. agricultural exports, including meat exports. U.S. trade policy, such as the one proposed in this Section 301 action, should not inflict pain...
China Welcomes US Dairy Firms Expanding in the Country, Vice Minister says
China welcomes dairy companies from all countries, including the U.S., to expand their business in the Chinese market, Vice Minister of Commerce Wang Shouwen said on Tuesday.
Wang made the remarks when meeting with U.S. Dairy Export Council President Krysta Harden, the ministry said in a statement.
The visit came days after the ministry said China may impose provisional anti-dumping measures on pork imports from the European Union as part of a year-long probe that began on June 17...
ANALYSIS: China’s May 2024 Beef Imports Soar 30% YoY; Consumer Shifts from Pork
China’s May 2024 beef imports rebounded from last month, rising 4.5% m-o-m or 10,048 mt to 234,449 mt, the latest General Administration of Customs People's Republic of China data indicated.
On a yearly basis, volumes soared 30.7% (55,053 mt), primarily driven by a hike in Brazilian imports. Exports to China was previously suspended in 2023 over Bovine Spongiform Encephalopathy (BSE) issues.
Year-to-date (YTD) figures stood at 1.23 million mt, a decline of 23.6% or 234,589 mt compared to the same period last year...
Trade Barriers Removed from Exports of French and Irish Beef to Republic of Korea
French and Irish beef producers will once again be able to export beef to the Republic of Korea, thanks to the European Commission’s efforts to negotiate the removal of local restrictions on EU beef.
In a significant development for the European beef industry, the Republic of Korea has officially opened market access for beef from France and Ireland. This positive result follows consistent representations made by the Commission, including through direct outreach by Commission Executive Vice-President Valdis Dombrovskis...
ANALYSIS: Divergent Pricing Strategies for Mexican Export Short Loins
The Mexican export market has shown contrasting positions regarding the negotiation of short loin prices with the U.S. market. On one hand, some sellers have chosen to negotiate material at lower prices, responding to the historically seasonal decline in short loin prices starting in June and avoiding the risk of holding material that could depreciate even more in the future. On the other hand, there is an opposing stance that directly responds to current market trends. Observing the U.S. boxed beef market, short loin prices have shown a...
ANALYSIS: China’s May 2024 Meat Imports Slip 3.35% Y-O-Y Over Weak Consumption
Preliminary custom statistics showed that China’s May 2024 meat imports (including entrails) were recorded at 557,000 mt, the latest General Administration of Customs People's Republic of China data indicated.
Imports rose 2.39% m-o-m from April 2024’s 544,000 mt. Market players believed this increase was largely driven by the influx of Brazilian material. On 12th March 2024, China approved the addition of 38 new production plants to receive imported meat from Brazil, leading to an increase...
ANALYSIS: Australian Beef Imports Maintain the Top Spot
The USDA Agricultural Marketing Service's weekly report on Imported Meat Passed for Entry in the U.S. by Country sheds light on the ongoing dynamics in the beef import market. With domestic 90% Fresh Chemical Lean prices remaining historically high (Chart 1), it is no surprise that the volume of fresh beef boneless trimmings imported to the U.S. has reached levels unseen since 2015. Year-to-date (YTD) import shipments are pegged at 253,464 metric tons (MT), 31% above the 10-year average...
ANALYSIS: China’s Beef Imports Hit Lowest in April Since Start of 2024 Amid Sluggish Demand
China’s April 2024 beef imports plummeted to its lowest point since the start of the year, shedding 7.7% month over month or 18,718 mt to 224,402 mt, the latest General Administration of Customs People's Republic of China data indicated.
By virtue of its population, China is the world's second largest beef market after the US, with most of the growth led by affluent urbanites. In recent years, the beef market has been further boosted by the rapid growth of the 'quick commerce' sector, which
American, Mexican, and Canadian Cattle Producers Sign Joint Statement Raising Brazilian Beef Concern
Today, leaders of the National Cattlemen’s Beef Association (NCBA), Confederación Nacional de Organizaciones Ganaderas (CNOG), and Canadian Cattle Association (CCA) signed a joint statement to continue advocating for greater oversight of emerging lab-grown proteins, protecting cattle from animal diseases, and promoting the sustainability of the cattle industry. This action builds on the recent statement signing with Cattle Australia and furthers the international partnerships between cattle producers.
“The signing of this joint statement is an important step that unites cattle producers across North America...
ANALYSIS: Global Price Overview– Beef Knuckles
Urner Barry offers comprehensive beef price coverage across the world's largest markets. This analysis examines a popular cut, the knuckle, which is traded in different global regions. The report explores market conditions and price trends for knuckles, a round cut utilized in various applications such as processed steak items, ground beef production and for slicing and dicing.
To access the full range of Urner Barry's market insights, refer to our prices and market commentary. This includes coverage for U.S. Choice, Select, and Ungraded Boxed Beef, as well as U.S. Boneless Beef markets...
Monthly Import Cargo To Reach 2 Million TEU Through Early Fall
Monthly inbound cargo volume at the nation’s major container ports should consistently be above 2 million Twenty-Foot Equivalent Units through this summer and into early fall, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“We haven’t seen numbers this high for this many months in almost two years,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Regardless of what headlines about the economy might say, consumers are shopping and retailers are making sure they...
Import Cargo To Hit 2 Million Containers For First Time Since Last Fall
Next month’s inbound cargo volume at the nation’s major container ports is expected to top 2 million units for the first time since last fall as imports grow despite new supply chain challenges, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“U.S. imports are continuing to increase despite another disruption impacting U.S. ports,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “As retailers have adjusted to limits...
Analysis: Weekly Record High Volume in US Fresh Imported Lamb Product
According to the USDA’s latest National Weekly Lamb Carcass & Lamb Cuts report, the week of March 11th, 2024, experienced the highest weekly national imported volume of fresh lamb products to the US recorded since data collection began in 2005, totaling 4,424,235 pounds.
This represents a substantial increase, showing a 19.4% rise in the year-to-date total volume compared to this same period last year, and highlights a peak in demand activity as Easter 2024 approached. A significant portion...
Majority of EU Countries Ask Bloc to Scale Back Deforestation Law
Some 20 members of the European Union asked Brussels to scale back and possibly suspend the bloc's anti-deforestation law on Tuesday, saying the policy would harm farmers, in the latest blowback against Europe's environmental agenda.
The EU law aims to root deforestation out of supply chains for beef, soy and other agricultural products sold in Europe, so that European consumers are not contributing to the destruction of global forests from the Amazon to Southeast Asia.
Those rules equally apply to European farmers, who will be banned from exporting...
ANALYSIS: The Surge in Boneless Beef Imports Amidst Constrained U.S. Herd
The UB Beef Trimmings, 90% Fresh Chemical Lean quotation reached a record weighted average high of $333.25 per hundredweight on March 18, 2024. Meanwhile, according to the USDA’s latest Semi-Annual Cattle Inventory report, the number of beef cows were reported at 28.2 million head, the lowest level since 1961.
With constrained availability of cows in the domestic market and record high pricing for lean trim, end users look to alternatives to satisfy demand. They have done so quite successfully through imported boneless beef...
ANALYSIS: South American Beef Exporters Diversifying Beyond China In 2024
As we approach the end of the first quarter of 2024, a subtle yet discernible trend is emerging among major South American beef exporters, particularly Brazil and Uruguay. These countries are showing a tendency towards exploring attractive markets for their beef exports. This strategy doesn't signify a major shift away from China, remaining as the world's largest beef consumer, but rather an adaptive response to diversify their export destinations.
This trend becomes evident when analyzing the beef export data up to February 2024 (frozen, fresh or chilled)...
Another 38 Brazilian Slaughterhouses Can Export Meat to China
Number of license issuances in a single advertisement is the highest ever recorded in history
In the year in which Brazil celebrates 50 years of diplomatic relations with China, another 38 Brazilian meat processing plants were authorized to sell meat to the Asian country, according to a statement from the General Administration of Customs of China (GACC) sent to the Ministry of Agriculture and Livestock (Map) this Tuesday ( 12) .
38 licenses were granted, including eight chicken slaughterhouses, 24 cattle slaughterhouses, a beef thermoprocessing establishment and five...
Import Cargo Returning to Normal After Red Sea Disruptions
With the supply chain adjusting to ongoing Houthi rebel attacks on commercial vessels in the Red Sea, inbound cargo volume at the nation’s major container ports remains on track to show year-over-year increases through the first half of 2024, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.
“Retailers continue to work with their partners to mitigate the impact of disruptions from the Red Sea and Panama Canal restrictions,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said...
ANALYSIS: Australia’s Beef Exports Continued to Rise Behind Higher Output, Strong Demand
Australia’s beef/veal exports for February continued to rise, nearing levels last seen in Feb 19, up 24% m-o-m or 18,249 mt to 93,834 mt, driven by higher country output and robust demand from Asia and the US, data from the Department of Agriculture, Fisheries, and Forestry (D.A.F.F) indicated.
The ongoing upward trajectory since the start of the year is also attributed to increased processing intensity, eased export restrictions with China, and rising cattle slaughter rates.
Notably, exports to Japan reached a 52-week high at 23,794 mt...
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