The Farm CPA: Where's the Beef?

The Farm CPA: Where's the Beef?

The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.

Yesterday, I posted on work pork production. Today I will recap world beef production (again from the 2014 Agricultural Symposium). Here are some of the key points:

  • Total beef production has held steady between 56 and 59 million metric tons over the last 10 years (about half of total pork production).
  • US produces about 11 million tons with Brazil slightly behind at around 10 million tons. The EU-27 countries produce slightly less than 8 million tons while China is a distant fourth at slightly less than 6 million tons.
  • Brazil is the number one exporter at 2 million metric tons with India slightly behind (they raise them, but don't eat them). Australia is number 3 at about 1.5 million tons with the US in 4th place at slightly more than 1 million metric tons. Total exports are about 9.5 million metric tons in total.
  • The number 1 importer is Russia and the US tied at about 1 million metric tons. Japan is third.
  • India's exports have increased fourfold over the last 10 years.
  • China used to produce more beef than they consume. However, over the last few years, they consume more than they produce.
  • Brazil's production is increasing at a rate slower than their consumption.
  • Total Beef export values are about $9 billion per year, however, the US also imports about $6 billion on an annual basis.
  • Beef inventories have declined 11% from 2007 to 2014. Only five states (North and South Dakota, Michigan, Ohio and Pennsylvania) have seen increases in inventories.

I know my perception is that world beef production was greater than world pork production, but as you can see, the world raises and consumes a lot more hogs than cattle. I think that trend will continue.

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

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