We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
After a year of debate and negotiations, the Trump administration and U.S. House Democrats have finally reached an agreement on the U.S.-Mexico-Canada Agreement (USMCA), needed to make it ready for ratification from Congress.
October beef exports totaled 108,017 metric tons (MT), an 8% decline from last year's large volume, while export value ($649.1 million) was down 11%. Through the first 10 months of 2019, beef exports were down 2.5% in volume (1.1 million MT) and value ($6.75 billion) from last year's record pace.
The 2019 beef production forecast was reduced by 5 million pounds from the previous month but remains at a rounded 26.9 billion pounds. The reduction was based on a slower-than-expected pace of fed cattle slaughter that was partially offset by greater expected cow slaughter and slightly higher expected cattle dressed weights.
The Aug. 9 fire that forced closure of the Holcomb, Kansas, Tyson Foods processing facility fueled a massive reaction in cattle markets through late summer, with feeders taking it on the chin with lower profit margins and processors reaping record prices.
President Trump and Japanese Prime Minister Shinzo Abe officially finalized the much-anticipated limited U.S.-Japan trade agreement and its digital counterpart in a signing ceremony at the White House in early October.
On Aug. 9, a fire damaged Tyson Foods’ Holcomb, Kansas, beef processing plant, rendering it inoperable through 2019, according to the company. This plant was estimated to have a capacity equivalent to about 5% to 6% of fed cattle slaughtered weekly.
The latest livestock and meat monthly trade data from the Economic Research Service (ERS) was released on Oct. 7 and included the month of August 2019 as the most recent data available.
After setting new value records in June and July, U.S. beef exports to South Korea slowed 9% from a year ago in August to 22,307 metric tons (MT), while value dropped 11% to $157.4 million.
In July, USDA National Agricultural Statistics Service (NASS) released the midyear cattle report, which provided a snapshot of U.S. cattle inventory as well as a glimpse into cow and calf producers’ intentions for retaining heifers.
Total cattle imports in July were down 4.1%, with year-to-date total cattle imports up 14.7% year over year for the January through July period. Cattle imports in 2018 totaled 1.9 million head, including 66.8% Mexican cattle and 33.2% from Canada.
