The United States' cattle herd is at its lowest level since the 1950s. But its 'insatiable appetite' for hamburgers hasn't changed, and that's causing ripples through the global beef trade.
The United States has an "insatiable appetite" for beef and is currently Australia's largest export market ahead of Japan and China.
In Q1 of 2024, Australia's domestic market consumed 162,182 tonnes of beef. The US market is not far behind.He said the US price for fresh 90CL beef was a record $US3.75 per pound , however the US was not paying record money for Australian beef."At the moment they're paying about $2.50 per kilo less for the Australian product compared to the domestic US fresh 90CL.
He said June shipments of Brazilian beef to the US had skyrocketed to 17,500 tonnes and he expected those volumes to continue for at least the next four months.Meat and Livestock Australia's Tim Jackson said the herd rebuild in the United States hadn't "technically started", but it was clear that destocking was "definitely slowing down" and that weather conditions were improving.
"The world's largest beef importer and second largest economy has seen a slowdown in key economic indicators," he said.
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