Dec 20
The U.S. Department of Agriculture (USDA) today announced an investment of $9.5 million to support the scale-up of sustainable bioproduct manufacturing in the United States. Three successful projects are funded through USDA’s National Institute of Food and Agriculture’s (NIFA) Bioproduct Pilot Program, which funds research and development of value-added products from agricultural commodities. Authorized and …
Dec 20
Retail meat prices have increased to record high levels over the last year and a half, like many other items. But, unlike other goods, beef, pork, and chicken prices have some unique market characteristics affecting their prices. This SAT article examines retail beef, pork, and chicken prices that are part of the monthly Consumer Price Index (CPI). …
Dec 20
With the 2022 cash crop harvest in the books, producers who planted cover crops may benefit from taking time to learn about special programs and insurance considerations in their area. To help, the Center for Rural Affairs has released a series of resources outlining cover crop initiatives, as well as guidelines for maintaining crop insurance …
Dec 20
Advanced technology used in the construction of Oklahoma State University’s New Frontiers Agricultural Hall creates a unique hands-on learning experience for students. Nine students from the OSU Institute of Technology in Okmulgee recently had the opportunity to tour the New Frontiers Agricultural Hall construction site to learn about some of the technology, including the Hilti …
Dec 20
Whether buying Christmas presents, purchasing a new car or shopping for food, everyone is feeling the pinch of inflation. Grocery prices have increased 21% (from January 2020 to August 2022), and retail fat and oil prices have increased 30% — with soybean oil a key ingredient in frying and baking, including its use in margarine, …
Dec 20
Our hard-working elves in the Department of Corn-Related Christmas Affairs (DCRCA) have released the very certified, most official and doubly cross-checked the NCGA Nice Listof 2022:
Dec 20
Today, the National Conservation Foundation (NCF) announced names of the seven participants selected to participate in the third cohort of the Next Generation Leadership Institute (NGLI). NGLI was launched in August of 2019 as a year-long program to advance conservation leadership. Created in response to a high demand for leadership instruction for conservation district leaders …
Dec 20
Click here to watch the video. Transcript: President Shrum, Members of the Board of Regents, faculty, staff, distinguished guests, parents, and – most importantly—the Class of 2022. Thank you for your warm welcome and the invitation to be with you. I find it hard to believe any of you would have been here to listen to …
Dec 20
Tue, 20 Dec 2022 08:00:43 CST
As 2022 comes to an end, Extension Livestock Market Economist Dr. Derrell Peel looks at the global 2022 Beef Picture- and then offers some predictions of how things may unfold in 2023.
Global beef production is forecast to decrease slightly in 2023. Beef production decreases in the U.S. and European Union will more than offset increasing beef production in Australia and modest increases in Mexico and India. Changes in beef production and consumption will impact global beef exports and imports in the coming year.
Brazil is expected to remain the largest beef exporter with beef production increasing slightly in 2023. Brazil beef exports are limited by decreased beef imports in China. Beef exports from Brazil are significantly higher than the next three exporters. Australia, after drought in recent years decreased cattle numbers and beef production, is now in rebuilding mode. Cattle prices are falling from historically high levels in Australia and beef exports are forecast to increase, helping Australia regain the number two spot. The U.S., number two beef exporting country in 2022 with record or near-record exports, will likely see exports decrease with declining beef production, higher beef prices and a continued strong dollar. The U.S. will likely drop to fourth place, a position it has frequently occupied in recent year. India is the remaining top four beef exporter with steady exports expected in 2023. India exports large quantities of water buffalo meat (carabeef) to low-end markets in Indonesia and Malaysia.
China/Hong Kong is the largest beef importing country in the world since 2018 and will be the largest by a factor of two in 2023. Prior to the rapid growth in China/HK imports in recent years, the U.S was the largest beef importing country for many years. Beef imports in China/KH may decrease in 2023 for the first time ever as the country struggles with a recession and continued zero-Covid controls. The U.S. may see beef imports increase modestly as beef production falls and supplies of processing beef drop sharply. Rising U.S. beef prices and the strong dollar will further attract beef into the U.S. from other markets. Canada has been a major exporter of beef into the US- especially here in 2022 with drought in Australia limiting the amount of processing beef available. The number three and four beef import markets, Japan and South Korea, are expected to see minor increases in beef imports in 2023.
As for 2023 domestically- Dr. Peel says that the end of 2022 has set the US beef cattle industry up for higher cattle prices, high costs of gain with input prices pushing higher- and the hope that producers who can keep control on those input costs will reap the benefits of more profitability. The continuing unknown- how roughly will cattle producers be treated by the forces of drought in the new year.
Listen to the comments in today’s Beef Buzz from Dr. Peel that he shared this week with Samantha Bennett of the K-State Radio Network.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Ag Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes with Dr. Derrell Peel
Dec 20
Tue, 20 Dec 2022 08:00:43 CST
As 2022 comes to an end, Extension Livestock Market Economist Dr. Derrell Peel looks at the global 2022 Beef Picture- and then offers some predictions of how things may unfold in 2023.
Global beef production is forecast to decrease slightly in 2023. Beef production decreases in the U.S. and European Union will more than offset increasing beef production in Australia and modest increases in Mexico and India. Changes in beef production and consumption will impact global beef exports and imports in the coming year.
Brazil is expected to remain the largest beef exporter with beef production increasing slightly in 2023. Brazil beef exports are limited by decreased beef imports in China. Beef exports from Brazil are significantly higher than the next three exporters. Australia, after drought in recent years decreased cattle numbers and beef production, is now in rebuilding mode. Cattle prices are falling from historically high levels in Australia and beef exports are forecast to increase, helping Australia regain the number two spot. The U.S., number two beef exporting country in 2022 with record or near-record exports, will likely see exports decrease with declining beef production, higher beef prices and a continued strong dollar. The U.S. will likely drop to fourth place, a position it has frequently occupied in recent year. India is the remaining top four beef exporter with steady exports expected in 2023. India exports large quantities of water buffalo meat (carabeef) to low-end markets in Indonesia and Malaysia.
China/Hong Kong is the largest beef importing country in the world since 2018 and will be the largest by a factor of two in 2023. Prior to the rapid growth in China/HK imports in recent years, the U.S was the largest beef importing country for many years. Beef imports in China/KH may decrease in 2023 for the first time ever as the country struggles with a recession and continued zero-Covid controls. The U.S. may see beef imports increase modestly as beef production falls and supplies of processing beef drop sharply. Rising U.S. beef prices and the strong dollar will further attract beef into the U.S. from other markets. Canada has been a major exporter of beef into the US- especially here in 2022 with drought in Australia limiting the amount of processing beef available. The number three and four beef import markets, Japan and South Korea, are expected to see minor increases in beef imports in 2023.
As for 2023 domestically- Dr. Peel says that the end of 2022 has set the US beef cattle industry up for higher cattle prices, high costs of gain with input prices pushing higher- and the hope that producers who can keep control on those input costs will reap the benefits of more profitability. The continuing unknown- how roughly will cattle producers be treated by the forces of drought in the new year.
Listen to the comments in today’s Beef Buzz from Dr. Peel that he shared this week with Samantha Bennett of the K-State Radio Network.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Ag Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
Ron Hays Beef Buzzes with Dr. Derrell Peel
