Beef production: USDA has lowered its global outlook

Published Jul 22, 2021

Tridge summary

The USDA has predicted a global decline in beef production and exports due to restrictions on beef exports from Argentina and decreased production in Australia, Brazil, and the US. Argentina's export volume has fallen by 6.6% year-on-year, and Russia, China, and other countries are experiencing reduced beef supplies. Despite these production declines, beef exports, particularly to Asian markets, Canada, and the US, have seen an increase of 1.3% to 461,000 tonnes last year. The UK's beef market received 50,000 tons, maintaining the same volume as 2019, while UK imports dropped by 21% due to the COVID-19 crisis.

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

Original content

World beef production will decline. The USDA has lowered its forecast for world beef production. The forecast for world beef exports was also reduced by 3%, to 10.8 million tons. As of May 20, 2021, the Argentine authorities decided to freeze beef exports for 30 days in order to stabilize prices on the domestic market. Russia ranks fourth among Argentinean beef consumers. China is the largest importer of Argentinean beef. According to the Argentine Chamber of Meat Industry, from January to May, 77.5% of export shipments went to China. The USDA has lowered its forecast for world beef production. In its forecast of world production and consumption released this week, the US Department of Agriculture (USDA) lowered its estimate of world beef production by 1% to 60.8 million tonnes. Beef production will decline in Argentina, Australia and Brazil. Forecasts for world beef exports will also decline by 3% to 10.8 million tonnes, which will lead to a slowdown in supplies to China and Hong ...

Source: SwiatRolnika