Where’s the Beef (Going)?

Where’s the beef…going?

We’re talking exports on today’s program. As we look to red meat exports and what the potential is for this year, the forecast is mixed. Erin Borror, vice president of economic analysis with the U.S. Meat Export Federation, says the numbers are looking better for U.S. pork.

However, when it comes to beef, which saw several challenges with exports in 2023, that pattern could continue in the new year…

“I see 2024 as the real rationing of demand for U.S. beef because we know production is going to decline further, and so you’re looking at a domestic consumer versus our international consumers and who’s going to bid more. I often hear the perception that we’re producing less beef, we don’t need to export as much anyway, and that couldn’t be farther from the truth, especially when we need to enable higher prices across the whole supply chain to send the signal to rebuild the herd.”

Now, I don’t ever like to leave you on a down note, so she said there is some optimism out there including in the world of interest rates possibly coming down. I know that is good news for most, so we’ll talk about those points of positivity tomorrow on your Southeast Regional Ag News.