Last week’s WASDE raised the forecast for beef export. A large reason was Korea, so far the top export destination for U.S. beef. Indeed, today is the 10th anniversary of the U.S.-Korea free trade agreement. No other commodity has benefited as much as beef. Over the span of the agreement, beef exports increased by 360 percent from about $500,000 to $2.3 billion.
In January 2022, beef exports to Korea at 82.9 million pounds were running 102 percent above the January 2021 levels which were 59.8 million pounds. January’s shipments were the second highest monthly total after May 2021 and Korea accounted for 29 percent of all exports. Total exports for January were a record at 288 million pounds, up 17 percent from last year and 2...
What You Need to Know Today: The G7 agreed to release 100 million barrels of crude oil and fuel reserves over four months, with a substantial diesel release front-loaded into the first 20 days. The announcement initially pushed crude oil lower on Friday, although it later recovered a portion o...
In a recent social media post, R-CALF unveiled its latest cattle market plan: “contracts that bind producers before establishing a base price, then tie that price to future negotiated cash transactions, should be prohibited.” That proposal aligns with recent legislation by Represent...
Key Takeaways: The recent pearl-clutching from parts of the beef industry regarding the loss of the daily Kansas fed cattle negotiated trade pricing report is overwrought and ignores the fact that the direction was readily apparent. The shift away from negotiated trade has been well docu...
