– William Secor, Ph.D. University of Georgia Department of Agricultural & Applied Economics
Imports are mostly lean beef trimmings.
Total U.S. beef production is projected to be around 6.5% smaller compared to 2022 and 2% smaller compared to 2023. Smaller supplies have pronounced implications for U.S. beef trade. With lower production, exports are expected to decline, and imports are expected to increase.
April projections from USDA suggest that exports could be down around 8% compared to 2023 at a little over 2.8 billion pounds. In contrast to lower export volumes, export values are higher than year-ago values according to the USDA thanks to higher prices. Export values in January and February (adjusted for the extra day) were up, approximately 9 and 6 percent year-over-year, respectively. This suggests that . . .
Continue reading: Beefenomics: Beef Trade Update