Agricultural News
Strength in US Beef Exports Carrying the Entire Cattle Industry with Growth Seen in Volume and Value
Tue, 12 Sep 2017 10:04:07 CDT
The US meat Export Federation released its latest beef export numbers, and they are showing very strong results for the middle of the year. Extension Livestock Market Economist Dr. Glynn Tonsor says thank goodness for that fact. He told Radio Oklahoma Ag Network Farm Director Ron Hays that this strength in the market has contributed significantly in propping up domestic cash cattle prices.
"There's no doubt that exports have been - I won't say a savior, but the strongest part of this story throughout 2017," Tonsor remarked. "The July beef exports were up, an aggregate for beef, 5 percent compared to the prior year and that's on volume."
When you take a look at value, though which he says is much more important in this case, US exports are up 18 percent from the prior year - the highest since December 2014. Tonsor uses Japan as an example to illustrate just how strong markets around the world are this year for the US beef industry.
"Volume to Japan is up 20 percent compared to the prior year and the value is up over a third, 36 percent up, for a total value $176 million value went to Japan in July alone," he reported, noting it to be the largest amount since 1996. "I highlight that, not just because I'm trying to call attention to Japan, but more generally, there's several very successful markets. We need to recognize that export growth is a big reason that we don't have lower prices than we've already had."
Listen to Dr. Glynn Tonsor and Farm Director Ron Hays discuss the strength of US beef exports and how it has influenced the entire cattle industry during 2017, on today's Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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