Beef Buzz News
OSU's Derrell Peel Breaks Down October U.S. Beef Export Numbers
Wed, 15 Dec 2021 10:22:00 CST
The most recent U.S. meat export data shows that October was a continuation of the trend we have seen all year: a huge amount of beef exports. Ron Hays, director of Radio Oklahoma Ag Network, spoke with Derrell Peel, extension marketing livestock specialist at Oklahoma State University, about what the numbers mean.
Listen to Ron's conversation with Dr. Peel here.
"Beef exports were up in October," Peel said. "We are up about 20% on a year-over-year basis for total beef exports."
So far U.S. beef export numbers are already about 9% higher than in 2018, which was the biggest beef export year to date. Despite November and December figures not yet tallied, 2021 is already the new record year for U.S. beef exports.
"The leading growth market is the China-Hong Kong market," Peel said.
Japan continues to lead the way in U.S. beef imports; South Korea is closing the gap and as long as China continues to import like it has this year, Peel thinks it could overtake Japan by 2023.
"We are seeing a convergence of these Asian markets," Peel said.
Meanwhile in North America, Peel thinks the U.S., Canada and Mexico are getting more integrated all the time when it comes to live cattle trade.
"North American live cattle trade continues to evolve, kind of like the meat markets have," Peel said. "We are seeing more specific animal flows, so our imports of cattle from both Canada and Mexico are down for the year."
According to Peel, Mexican feeder cattle imports are down by about 32% for the year to date. In fact, U.S. cattle exports to Canada and Mexico have risen in recent years, he added.
"When you factor in increased outflows of cattle balanced against those decreased inflows, we are seeing year-to-date net cattle imports to the U.S. down about 35% compared to last year," Peel said. "It is an evolving picture and reflects the way the industries are evolving in all three countries."
Click on the LISTEN BAR below to hear more from Ron Hays and Derrell Peel as they talk about cattle imports and exports globally and nationally. In case you missed it, check out Ron's conversation with Dan Halstrom, president and CEO of the U.S. Meat Export Federation, on the same topic.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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