Global beef and veal production to reach record levels in 2018
The analysts say that Argentina's production will continue to grow sustained by favorable policy developments and herd expansion. On the other hand, Australia's beef production will recover "having recovered from drought-induced herd liquidation followed by herd rebuilding."
Furthermore, the global beef and veal exports are expected to increase by nearly 3% in 2018 to 10.1 million tons, driven by shipments from Brazil, Australia, Argentina, and the United States.
USDA analysts predict that the demand for beef and veal will continue to increase in East Asia, with China, in particular, continuing to drive trade, as domestic production will not meet the growing consumption.
"Oil-producing regions will continue to be challenged by relatively low oil prices, which hamper economic growth and stymie demand," the report says.
Referring to the United States, analysts say that production is expected to go up by almost 3% in 2018, reaching a record 12.4 million tons, as the United States enters its fourth year of herd expansion.
"Sustained elevated supplies and lower U.S. beef prices will boost exports to Mexico, Canada, and major markets in East Asia. The United States will face renewed competition in Asian
markets from Australia as its herd expands. In Japan, the United States will also have to contend with Australia’s widening tariff advantage. However, a relatively weaker U.S. dollar in 2018 could further buoy U.S. beef exports," the report concludes.
Source: USDA
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