2022 Q2 Meat Report

US beef and veal imports rose 32% YoY to 579 thousand mt in Jan-Apr 2022. Most imports came from Canada, followed by Brazil and Mexico. It's worth noting that imports from Brazil climbed by a whopping 238% YoY during the period. Meanwhile, total exports totaled 521 thousand mt during Jan-Apr 2022, up by 6% YoY. YTD, beef production has remained slightly above 2021 levels, but it is expected to decline in Q4 of this year, ending 2022 practically the same as in 2021 at 12.6 million mt. US fresh beef retail prices averaged $3.35/kg, up by 9.5% YoY. However, this was the slowest annual growth pace since August 2021, signaling demand might be slowing down.