Oklahoma's Latest Farm
And Ranch News
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Tuesday, December 12, 2023 | | | |
Beef Export Volumes and Values Well Under Year Ago Levels |
Dr. Derrell Peel, Oklahoma State University Extension Livestock Marketing Specialist, offers his economic analysis of the beef cattle industry as part of the weekly series known as the “Cow Calf Corner,” published electronically by Dr. Peel and Mark Johnson. Today, Dr. Peel talks about the beef trade.
Declining cattle numbers has led to a year over year decrease in beef production and higher wholesale and retail beef prices. Under those market conditions, beef exports are expected to decrease and beef imports should increase…exactly the outcome observed thus far in 2023. The U.S. dollar has remained generally strong against most currencies adding additional headwinds to exports and increasing the import incentives.
The October livestock trade data showed that total beef exports were down 20.5 percent year over year, leading to a year-to-date total that is down 14.9 percent compared to the January-October period last year. Total beef imports for October were up 17.4 percent over one year ago, pushing beef imports thus far in 2023 up 7.9 percent.
South Korea is the largest beef export market in 2023, with total exports down 17.7 percent for the January – October period compared to last year. Japan is a close second place with total beef exports thus far in 2023 down 21.3 percent year over year. China/Hong Kong is the third largest market, only slightly behind Japan, with year-to-date beef exports down 18.8 percent. Taiwan is the other major Asian market for U.S. beef at the number six place, down 5.5 percent so far in 2023. The Asian markets combined account for 69.2 percent of year-to-date U.S. beef exports.
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