Beef: Record sales worldwide, but what about prices?

Published 2024년 8월 23일

Tridge summary

The USDA projects a significant increase in the global trade of beef in 2024, with an anticipated rise of 750 thousand tons, potentially reaching one million tons, marking the largest year-on-year increase in two decades. This surge is largely due to increased purchases by China, the United States, and a growing market in Asia. Despite the increase in trade volumes, international prices remain low. There is concern about a potential decrease in livestock supply from key exporting countries like the United States, Australia, Brazil, and Argentina, which could lead to higher prices. However, Brazil, the world's leading exporter, continues to benefit from a devalued currency and new export authorizations, maintaining low steer prices and abundant supply.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The United States Department of Agriculture (USDA) projects an increase in the volume of beef traded worldwide in the order of 750 thousand tons for 2024, the largest year-on-year jump in the last 20 years, and probably in history. In light of the global beef exports recorded in the first half of the year, the USDA could once again be falling short in its estimates and 2024 could close with an increase of one million tons in world trade. China's purchases In July, Brazil registered the highest monthly exports in its history, some 235 thousand tons, while Australia also shipped a volume (133 thousand tons) that implies a historical record. In January-June, China's purchases are 17% above last year, and those of the United States, in January-July, show an increase of 14%. Both countries account for 53% of global beef imports. For the past two years, the main exporting countries have been trying to reduce their high dependence on Chinese purchases, as is the case of Brazil, Uruguay, ...

Source: Agromeat