US Beef Exports Set Another Record in August with No End to the Growing Momentum in SightTue, 09 Oct 2018 10:31:59 CDT
US beef exports set a new record in the month of August with export value topping $750 million for the first time, according to the latest report compiled by the US Meat Export Federation and released by the US Department of Agriculture. Executive Director of the Livestock Marketing Information Center Jim Robb says that is a great story for the US beef industry.
“We’ve been on a very good string, especially in the beef complex. Looking at the preliminary numbers that came out last Friday for the month of August are product weight. Now we’re waiting for the rest of the USDA calculations but the overall product weight exports for the month were up 7 percent year-over-year and the value was up 11 percent year-over-year.”
Taking a step back to look at the beef complex year to date, product weight for beef exports were up about 9 percent and value is up around 19 percent year to date. Robb says at the core of this export situation is a robust demand profile that has been very supportive of cattle prices. In fact, this has extended beyond the beef complex into the overall agricultural export complex which Robb says is essentially leading the nation in terms of the US export profile. And, he says, the momentum continues to grow.
“We expected the year-over-year increases to start to moderate and we’re now comparing against strong numbers from a year ago,” Robb explained. “We sold more quantity in the export markets in recent months and we sold it at higher prices. Now, domestic prices have been higher too but that’s a good omen in terms of the demand profile when you sell more at higher prices and that’s exactly what’s happened in recent months and continued in the latest data for August.”
Listen to Robb offer his complete analysis of the numbers in the latest USMEF report, with Radio Oklahoma Ag Network Farm Director Ron Hays, on today’s Beef Buzz.
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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