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Australian beef exporters say the US herd rebuild is taking longer than expected, which is keeping demand and prices weak in key markets. USDA's July livestock trade report raised its US beef production forecast by 1.4% to 12.4 million tonnes.
US exports have been higher than expected, which has temporarily reduced demand for Australian beef.
Higher US beef output and exports compete with Australian beef in the short term and weigh on prices. Analysts expect a tighter global beef supply later, which could support prices over the next three to five years.
farmonline.com.auShan GoodwinJul 28, 2023After 78 past neutral report events, Live Cattle moved a median +0.2% over 5 sessions (54% higher; middle half -1.0% to +1.0%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
