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...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
