Australian beef exports expected to grow in 2024

Australia's exports of live cattle are likely to rise by more than one-third this year, and beef shipments should increase by 9% as the end of a herd rebuild boosts supply, Reuters reported, citing this week's US Department of Agriculture (USDA) forecast. Australia is one of the world's biggest agricultural exporters; the country ships live cattle worth about $1 billion and beef worth about $7 billion each year to markets, mostly in Asia. Exports fell sharply in 2021 and 2022 as wet weather allowed farmers to rebuild their herds after a long dry spell that shrivelled pastures, but began to recover last year. The United States, a key competitor to Australia in beef markets, has been increasing imports and reducing exports after a long period of destocking that has pushed cattle numbers to their lowest since 1951. Australia will export 850,000 cattle this year, up from about 626,000 in 2023 and a four-year high, and 1.705 million metric tons of beef and veal, up from 1.562 million ...