Agricultural News
Australian Beef Industry Struggles With Drought- Don Close of Rabobank Explains
Mon, 29 Jun 2015 09:00:50 CDT
The Rabobank Quarterly Beef Report shows that the liquidation of the Australian beef herd continues- due to extreme drought. According to Rabobank livestock industry economist Don Close, the exports of Australian beef to the United States as well as to other destinations is substantial- and in the case of Aussie to beef to the US- it is coming in at levels not seen in the last 25 years. Close told Farm Director Ron Hays that the Australian beef herd reductions have come at an opportune time for the US beef industry- as the beef being shipped into the US is helping the ground beef market affordable for consumers during a time of historically tight US beef supplies.
Other key points made by Close in his quarterly summary regarding the global beef business-
Brazil regained official access to China in May 2015. However in the short term, official access to China is not expected to see a large increase in Brazilian exports.
Chinese retail beef prices continue to remain stable in the first half of 2015 despite a slower economy leading to price drops across other meats.
The US dollar continues to perform strongly against the currencies of major beef-trading nations, assisting those countries exporting to the US, such as Canada, Mexico, Australia and New Zealand.
You can listen to the Ron Hays interview with Don Close- and learn what he had to say about the situation "down Under" as well as in other key beef producing parts of the world by clicking on the LISTEN BAR below.
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