Asian countries driving US beef prices up
July went against the grain for US beef exports, being the first month this year that has recorded a decline in volumes compared with the same month last year.
Exports fell 15% in volume to 101,799 metric tons (mt) and to $621.7 million in value.
Looking at 2014 in total, beef exports are 4% higher in volume (687,752 mt) and 13% higher in value at $3.89 billion.
Export value per head of fed slaughter was $298.56 in July – down slightly from the June record but still up more than $25 year-over-year. For January to July, export value per head was $272.70, up $31.25.
“Demand for US beef in Asian markets has continued to strengthen this year, adding further value to cuts that are popular there and underutilised domestically,” said USMEF President and CEO Philip Seng.
“With our limited supplies, competition for these cuts among Asian buyers contributes greatly to US cattle prices. USMEF continues to work with our industry partners to educate the trade about alternative cuts and merchandising ideas, so that we can deliver value to our Asian customers even in these times of historically tight supplies.”
Exports to South Korea totalled 65,792 mt (+12%), valued at $445.4 million (+41%).
Exports to Taiwan increased 83% in volume (3,310 mt) and nearly doubled in value ($29.4 million, +96%).
July lamb exports increased 3% in volume to 942 mt and hit their highest monthly value of the year at just under $3 million. For January until the end of July, exports were still down 22% in volume (6,403 mt) and 5% in value ($16.8 million).
