U.S. global meat protein exports have continued to evolve in 2020. Some of the changes this year reflect ongoing trends in global meat markets but the COVID-19 pandemic has also affected protein trade.
Continuing COVID-19 impacts, global recession, political tensions and exchange rates will all be important in determining global beef trade in the coming weeks and months.
Trade data for May shows sharply lower beef exports, likely due to COVID-19 related disruptions in beef production and also in part due to decreased international beef demand.
Agricultural markets will be impacted by world population growth, economic growth and the expanding middle class, African Swine Fever and the development of alternative proteins.
The new year brings with it several changes in ongoing market dynamics, some new opportunities, and some new risks and continuing challenges for cattle and beef markets.
Preliminary GDP data suggest the U.S. experienced an unprecedented economic decline during the second quarter of 2020, leading to uncertainty about consumer beef demand for the remainder of the year.
Cattle prices are on a historic ride. Producers are trying to make sense of it all, as well as industry insiders, as the COVID-19 story is far from over.
U.S. beef exports were down year-over-year in 2019 but could see a bump this year. Imports in 2019 were up slightly compared to the previous year.