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: Iran warned that it will retaliate against the U.S. if American strikes target Iranian infrastructure, as President Trump has threatened to do next week if negotiations between the two nations do not resume. President Trump is scheduled to deliver a primetime addre...
Turkeys for Thanksgiving are typically placed this month. Turkey production has suffered from HPAI and other diseases for the past two years, and placements are still down overall. However, at more than 34 pounds per bird, overall production is being supported by heavier weights and increased p...
Key Takeaways: Continued domestic demand for soyoil in the U.S. will drive prices higher and create a firmer outlook for global soybean values and crush margins. U.S. soyoil prices are set to increase 13-16 percent over the next four months as the domestic demand expansion takes hold. Th...
