Six packing plants in Australia have been temporarily banned from exporting beef to China.
Driven by higher estimates for pork, the China total meat import forecasts were revised up for both 2020 and 2021, according to the USDA Livestock and Poultry World Markets and Trade report.
With China set to begin importing U.S. beef no later than July 16th, America's robust beef export market will sparkle even more.
While China’s demand for beef has been growing at a reasonable pace, production has been stagnant since 2006.
Pork exports continue to maintain a record pace in 2020, increasing 10% year-over-year in September. Beef exports were fairly steady with last year in major Asian markets, but trended lower overall.
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Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday.