The impact of U.S. beef exports on calf prices continues to rise as experts advise ranchers to stay abreast of trade developments globally.
Uncertainty with trade deals, global competition and an ongoing trade war have the potential to alter U.S. beef’s standing in the export market.
Total beef consumption in China in 2018 is estimated at 8.5 million metric tons, second only to the U.S., according to the USDA Foreign Agricultural Service.
Farmers are concerned the aid packaged announced last week by the Trump Administration will not help them financially.
Research from the University of Tennessee Institute of Agriculture indicates that a trade agreement with Japan is crucial for the U.S. beef industry.
On Thursday, USDA drastically changed the demand outlook for soybeans in their July World Agriculture Stocks and Demand Estimates (WASDE) report, citing Chinese tariffs which are no stranger to the market.
China has been gobbling up the world’s soybeans at breakneck speed over the past decade. But as the trade spat with the U.S. escalates, its imports of the oilseed are set to decline for the first time in 15 years.