The USDA said this week in its monthly supply and demand report that global beef production for 2021 was revised 1% below its April forecast to 60.8 million tons due to declines in Argentina, Australia and Brazil.

Argentina is struggling with high beef prices by restricting exports to boost domestic supplies, which will lower prices and limit incentives for further marketing of cattle. Meanwhile, production in Australia is expected to fall to a 23-year low due to the recovery of the national herd. In Brazil, weak domestic demand and high production costs are pushing packers' margins, which is expected to reduce incentives to slaughter cattle during the year.

Global beef exports are expected to decline 3% to 10.8 million tons in 2021, as declines in Argentina, Australia and Brazil more than offset growth in the United States, Canada and New Zealand. Global imports fell 1%.

While demand for beef in Asia is expected to remain strong, the decline in global exports is expected to slow beef imports to China and Hong Kong.

Source: specagro.ru