In W16 in the beef landscape, the USDA indicates that, as of April 1st, the number of cattle in US feedlots totaled 11.612M heads, down 4% YoY. This is attributed to several months of lower placements into those feedlots and ready numbers being pulled ahead into slaughter because of drought in some of the major feeding areas, and questions about long-term profitability. In W14, the weekly 5-area average price of US-fed cattle was USD 173.1 per cwt, surpassing the previous peak price from November 2014. The average price of US-fed cattle in W15 rose even higher to USD 180.44 per cwt as the cattle markets continued to gain strength, maintaining an uptrend since 2020, when prices dropped to a weekly average low of USD 94.87 per cwt in July 2020. Australian beef exports for the first three months of 2023 totaled 220.83K MT, up 25% YoY, while March exports amounted to 98.88K MT, 33% above year-ago levels. This is linked to strong on-farm conditions over the past few years, and the challenges that are faced by Australia’s main competitors, like limited supply in the US and the occurrence of an atypical case of BSE (bovine spongiform encephalopathy) in Brazil.

SECEX data indicates that Brazilian beef exports reached 43.2K MT in the first 9 working days of April, with the daily average shipment in W2 of April at 4.8K MT, a drop of 42% compared to the same week in April last year, while the daily average retreated by 14.29% WoW. The decline in Brazilian exports is due to the embargo of China on the Brazilian product due to the atypical case of mad cow in Pará. Tridge’s analysis illustrates that, after a decline in exports to Russia, Paraguay’s second-largest export market in 2022, the South American country continues to seek new markets for its beef, with expectations to begin exporting to the US in the coming months. Canada, South Korea, Japan, and Singapore are other possible markets into which Paraguayan beef could enter soon. The USDA estimates Argentina's 2023 beef production to fall to 3MMT, a drop of 140K MT compared to the volume of 2022, due to an anticipated 43% drop in the harvest of wheat, soybean, and corn, as a result of intense drought in the country. The CICCRA report indicates that, in Argentina, March cattle slaughter totaled 1.29M heads, up 2.3% MoM and 7.8% more than in March 2022, while per capita consumption of beef stood at 49.3kg/year, an increase of 2.9% YoY. Lastly, in March 2023, the Ukrainian average consumer price for beef increased by 1.4% MoM to USD 5.61/kg, but dropped by 6.8% YoY from USD 6.02/kg.

By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.