ANALYSIS: New Zealand's July 2024 Beef Exports Record 19.6% M-O-M Decline; Exports to China Nosedive

New Zealand’s beef exports in July 2024 amounted to 40,046 metric tonnes (mt), falling 19.6% or 9,734 mt compared to the same period last month, data from Stats NZ indicated.

Notable decreases were seen in exports to the United States (US) and China, in line with seasonal production patterns and lower cattle numbers. Year-on-year (y-o-y), exports fell 13.8% or 6,427 mt. Higher exports to the key Japanese, Canadian and Korean markets helped to mitigate further falls... 

USMEF Chair Sees Potential for U.S. Red Meat in Indonesia

USMEF Chair Randy Spronk joined a team of representatives from the Indiana Soybean Alliance (ISA) to meet with prospective buyers and study market opportunities for U.S. soybeans and red meat in Indonesia. USMEF member ISA, which has developed strong trade relationships providing soy protein in Indonesia, coordinated with USMEF staff on the day-long event.

USMEF ASEAN Director Sabrina Yin and Indonesia Representative Arrofi Satrio Alam set up a meet-and-greet for the ISA group with Indonesian meat importers and presented a...

ANALYSIS: China's July 2024 Beef Imports Rebound; Ebbing Economy Slashes Yearly Growth by 27%

China’s July beef imports rebounded 3.2% month-on-month (m-o-m) from June’s 13-month low at 215,322 metric tonnes (mt), according to the data released by the General Administration of Customs People's Republic of China.  

This growth was led largely by higher imports from its key suppliers such as Brazil, Australia, the United States (US) and Uruguay. Earlier in June 2024, volumes plunged to a 13-month low, falling to 208,718 mt. 

The higher July beef import figures were in line with the... 

ANALYSIS: Exchange Rate Dynamics in Mexico’s Beef Industry

The exchange rate has been one of the main topics of conversation throughout 2024 in Mexico's beef industry, due to its significant impact on imports and exports. In both directions, it serves as an incentive to achieve higher returns from the purchase or sale of materials. 

Over the past 10 years, this influence has been particularly evident; as the peso strengthens against the dollar, exports tend to decrease, and vice versa. However, 2024 has presented a significant challenge. The volatility of the exchange rate, driven by both international and local factors...

ANALYSIS: July 2024 Brings 4.8% Rebound in China’s Meat Imports After Extended Decline

China’s July 2024 meat imports, including variety meats saw a 4.8% monthly increase, reaching 539,913 mt, according to preliminary customs statistics from the General Administration of Customs of the People's Republic of China. This marked the first rise after three consecutive months of declines. 

Earlier in June 2024, volumes slipped to a 12-month low, with volumes recorded at 514,957 mt. 

The yearly figures underscored China’s ongoing challenges in the meat sector. Imports continued to plummet, shedding 20.5% year...

ANALYSIS: New Zealand's Beef Exports in 1H 2024, Balancing China's Decline and US’s Growth

In 1H 2024, New Zealand’s beef exports totalled 287,509 metric tonnes (mt), posting a modest 1.5% gain or 4,182 mt compared to the same period last year, data from Stats NZ indicated. 

Most of this growth were led largely by increased allocations to the United States (US), Canada and Japan, while sharp declines were noted to the Chinese market. The undersupplied US market has been a solid destination for New Zealand’s beef as China demand’s falters, taking up the lion’s share of the country’s exporting capacity. 

ANALYSIS: Korea’s 1H Beef Imports Dip 3.6% YOY Amid Weak Demand, Market Shake Up Looms Over FTA

Korea imported 248,113 mt of beef in the first half of the year, marking a 3.6% (9,182 mt) decline compared to the same period last year, the latest Korea Customs Service data showed.

The country sourced most of its beef from Australia (46.3% market share), the United States (US) (46.3% market share), with New Zealand (3.9% market share) and Canada (3.0% market share) making up the rest.

In January to June 2024, imports from Australia surged 13.9% year-on...

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...