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Beef export totals could easily surpass $6.5 billion in 2014 and establish a new all-time record – the fifth in five years.
August 19, 2014
The 2014 market has provided upside surprises from all perspectives. And it’s led to increased discussion about new dynamics around the fundamentals that underscore beef demand. Much of that perspective is from the context of domestic demand. However, beef exports are also a high significant component of demand and revenue for the U.S. beef complex.
Last year’s export value established a new record for the industry, exceeding $6 billion with a mark of $2.78 billion through the first half of the year. This year’s export market is running nearly $430 million ahead of last year’s pace for a total of $3.2 billion through June. That rate equates to $300/head for every fed steer and heifer harvested.
In total, improved domestic demand and tightening supply has been the overwhelming driver of the market’s surge – tacking on about $17.50/cwt. compared to last year. Meanwhile, increased beef export value has added on an additional $4/cwt. to the market vs. 2013.
Export totals could easily surpass $6.5 billion in 2014 and establish a new all-time record – the fifth in five years. The world, though, can seem unsettled: political tension and economies can seemingly get upended at any time.
How do you perceive international beef demand for U.S. beef? From your perspective, what is the largest threat to continued growth of export markets? Leave your thoughts in the comment section below.
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Nevil Speer serves as an industry consultant and is based in Bowling Green, KY.
Nevil Speer has extensive experience and involvement with the livestock and food industry including various service and consultation projects spanning such issues as market competition, business and economic implications of agroterrorism, animal identification, assessment of price risk and market volatility on the producer segment, and usage of antibiotics in animal agriculture.
Dr. Speer writes about many aspects regarding agriculture and the food industry with regular contribution to BEEF and Feedstuffs. He’s also written several influential industry white papers dealing with issues such as changing business dynamics in the beef complex, producer decision-making, and country-of-origin labeling.
He serves as a member of the Board of Directors for the National Institute for Animal Agriculture.
Dr. Speer holds both a PhD in Animal Science and a Master’s degree in Business Administration.
Contact him at [email protected].
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