Oklahoma's Latest Farm
And Ranch News
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Beef Exports Face Continued Headwinds with Dr. Derrell Peel |
For the first half of the year, beef exports decreased 4.5 percent year-over-year. This follows a 14.3 percent year-over-year decrease in 2023, down from record beef exports in 2022. Beef exports continue to follow current market conditions of declining beef production and higher domestic beef prices. These, combined with a generally strong dollar, have pressured beef exports lower, as expected.
Beef exports in the January – June period were down in most major beef export destinations but by varying degrees. The top three beef export markets, Japan, South Korea, and China/Hong Kong were down by 1.8 percent, 13.4 percent, and 11.0 percent year over year, respectively. These along with Taiwan, down 8.3 percent from last year, account for 73.9 percent of total beef exports in the first half of 2024.
Number four Mexico is an exception with U.S. beef exports to Mexico up 14.7 percent year-over-year. This follows a 12.2 percent year-over-year increase in 2023. Mexico currently accounts for 11.2 percent of total beef exports. The growth in beef exports to Mexico follows a significant decline from 2020 through 2022. In 2019, Mexico was the number three beef export market with a 14.0 percent share of total U.S. beef exports. Beef exports to Mexico have been helped since 2020 by the increasing strength of the Mexican Peso to the U.S. dollar. However, since the beginning of August, the Peso has weakened against the dollar to the lowest level in more than 18 months, which could temper beef exports to Mexico in the last half of the year. Canada is the number five market for beef exports, down 2.1 percent year over year for the first six months of 2024, and accounting for 8.7 percent of total beef exports.
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We invite you to listen to us on great radio stations across the region on the Radio Oklahoma Ag Network weekdays-
if you missed this morning's Farm News - or you are in an area where you can't hear it- click below for this morning's Farm news from Ron Hays and KC Sheperd on RON.
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Sponsor Spotlight
The vision of the Oklahoma Beef Council is to be a positive difference for Oklahoma's farming and ranching families and the greater beef community, and its mission is to enhance beef demand by strengthening consumer trust and exceeding consumer expectations.
To learn more, visit www.oklabeef.org. Also, don't forget to like its Facebook page at www.facebook.com/oklabeef for stories on Oklahoma's ranching families and great beef recipes.
And Check out this video below that helps you learn more about the Beef Checkoff- .
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Podcasts From Oklahoma Farm Report and More | |
Two of our regular reports are also podcasts that you can subscribe to- Our daily Farm and Ranch News with KC Sheperd- available here on the Apple Podcast Platform
The second is our daily Beef Buzz with Ron Hays- available here on the Apple Podcast Platform
Periodically- we offer interviews on our Ag Perspectives Podcast series- this podcast is available here.
Ron has also has a series of podcasts from interviews with newsmakers at the Cattlemen's Congress- Click here or you can find them on your favorite Podcast platform- look for them by searching for Cattlemen's Congress Conversations.
We are making plans to jump back into regular installments of what has been called the Road to Rural Prosperity- a new name and fresh content is in the works- for now- click on the blue button below for one of our favorites that is a timeless classic.
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Our thanks to Midwest Farms Shows, P & K Equipment, Oklahoma Farm Bureau, Oklahoma Ag Mediation Program, Great Plains Kubota, Stillwater Milling Company, National Livestock Credit Corporation, Oklahoma Beef Council, Oklahoma Wheat Commission, Oklahoma AgCredit, the Oklahoma Cattlemens Association, Invenergy Oklahoma and KIS Futures for their support of our daily Farm News Update.
For your convenience, we have our sponsors' websites linked here- just click on their name to jump to their website- check their sites out and let these folks know you appreciate the support of this daily email, as their sponsorship helps us keep this arriving in your inbox on a regular basis- at NO Charge!
We also appreciate our Market Links Sponsor - OKC West Livestock!
We invite you to check out our website at the link below too that includes an archive of these daily emails, audio reports and top farm news story links from around the globe.
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God Bless!
Reach Out To Us:
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Tim West
President/General Manager
Rural Oklahoma Networks
405-317-6361
***************
Mike Henderson
Director of Sales
405-615-4922
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KC Sheperd
Farm Director
Radio Oklahoma Ag Network
405-443-5717
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Ron Hays
Senior Farm/Ranch Broadcaster
Radio Oklahoma Ag Network
405.473.6144
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