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CME: June Beef Exports Slightly Lower Than a Year Ago

07 August 2019

US - Official June trade data was released at the end of last week and in this update we plan to offer a recap of the latest information but also how the monthly statistics compare with the weekly data we currently get on Thursdays, according to Steiner Consulting Group, DLR Division, Inc.

Beef exports in June were slightly lower than a year ago, something that was expected based on the trend in weekly export shipments. Total exports of fresh/frozen and cooked beef were 90,483 MT, 261 MT or 0.3 percent lower than a year ago.

The main drag for US exports remains Japan, with shipments to that market pegged at 22,780 MT, 3.316 MT or 13 percent lower than a year ago. The recently signed CPTPP agreement, which excludes the US, has lowered tariffs for our competitors in Japan, making it more difficult to compete there.

We hope that recent steps to sign a partial trade agreement with Japan will go a long way towards levelling the playing field. Exports to South Korea remain quite robust, up 17 percent in June and 13 percent for the year.

Mexico and Canada account for 14 percent and 9 percent of US beef exports, respectively. Shipments to Mexico in June were 8 percent lower than a year ago and shipments to Canada were down 21 percent.

Exports to EU- 28 in the first six months of the year were a total of 9,467 MT, 16 percent less than a year ago. A recent agreement signed with the EU allocates 35,000 MT out of the available 45,000 MT to the US, phased over seven years. The immediate effect of the agreement is minimal but it should help support growth in that market in the coming years.

Daily Livestock Report - Copyright © 2008 CME. All rights reserved.

TheCattleSite News Desk

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