In late March, the beef industry was rocked by a meat scandal in Brazil that created concerns about quality and safety controls. Many countries, including China, temporarily halted imports of Brazilian beef while the scale and scope of the issues were sorted out. In light of these events, it is worthwhile to step back and reflect on beef trends (as we did a few weeks ago with corn here and here). This week’s post considers the global beef trends – including consumption, production, imports, and export.
Growth in demand for agricultural products is an important step in improving the economic outlook for production agriculture, especially in light of abundant global inventories. Growth in demand, or consumption, is often slow as the key drivers – population and consumption trends- are themselves slow to change. This year the livestock sector received some good news as the USDA reported increases in per capita consumption for several categories of meat. In this week’s post, we take a look at the long-run trends in U.S. meat consumption.
Fifty years from now, agricultural history books will likely devote a chapter to the recent run-up in commodity prices and farm income boom. While much attention has focused on corn and soybean production, cow-calf operators also experienced the historical financial conditions. As the industry begins transitioning away from the boom era, it’s worth pausing to reflect on recent conditions and financial drivers. Continue reading →