Dr. Derrell Peel on Cattle and Beef Trade: A look Back and a Look Ahead

 

Oklahoma Farm Report

10 Feb 2020

 

Mondays, Dr. Derrell Peel, Oklahoma State University Extension Livestock Marketing Specialist, offers his economic analysis of the beef cattle industry. This analysis is a part of the weekly series known as the "Cow Calf Corner" published electronically by Dr. Peel and Glenn Selk. Today, Dr. Peel takes a look back and ahead at Cattle and Beef Trade.

 

Beef exports in 2019 were down 4.4 percent compared to 2018. Exports were down year over year to most major destinations including Japan (-10.0 percent); Hong Kong (-24.7 percent); Mexico (-5.4 percent) and Canada (-10.6 percent). Among major markets, only South Korea was up 7.1 percent year over year.

 

Japan accounted for the largest share of 2019 beef exports at 26.4 percent of the total. South Korea is the second largest market with 22.6 percent of total exports. Number three market Mexico represented 14.0 percent of beef exports. Canada is fourth at 8.9 percent followed closely by Hong Kong with a 7.7 percent share of the total. The top five markets along with Taiwan at 5.8 percent represent 86.1 percent of total exports. Beef exports to China increased in the second half of 2019 bringing the total for the year to a 1.1 percent share of total exports.

 

Total beef imports increased 2.0 percent year over year in 2019. Beef imports were 7.0 percent higher from Canada and represented 27.7 percent of total imports. Number two beef import source Australia increased 6.5 percent year over year and was 23.4 percent of the import total.   Mexico is the third largest source of beef imports, up 14.1 percent year over year in 2019, and accounting for 19.0 percent of the total. New Zealand is the fourth largest source of beef imports at 13.1 percent of imports but was down 29.9 percent year over year.

 

Total cattle imports increased 7.6 percent year over year in 2019. This includes a 2.7 percent increase in feeder cattle from Mexico and Canada and a 25.5 percent increase year...

 

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