Global beef markets divided

After prolonged herd liquidation, the contractionary phase of the fourth quarter in 2023 in the United States will cause a drop in production levels, generating the need for increased imports and reduced exports. Meanwhile exports in Australia and Brazil will improve as they each experience a rise in production. “Opposing positions in cattle cycles, exaggerated by weather patterns, have caused a redistribution of beef trade that will continue in 2024,” said Angus Gidley-Baird, senior analyst of animal protein at Rabobank. Production increases in Australia and Brazil have not been overpowering enough to offset declines in Europe and the United States. Rabobank expects the same trends to continue into 2024. The volume balance for major beef producing and consuming regions will remain fairly steady; however, Rabobank said trade will need to shift according to changes at the individual country level. “The US will be one of the big movers,” Gidley-Baird said. “After shifting to a ...