Soaring beef 🥩

U.S. beef exports continued at a red-hot pace in June, topping $1 billion for the fifth time this year, according to data released by USDA and compiled by the U.S. Meat Export Federation. 

• While the growth in beef exports has been largely driven by major Asian markets such as South Korea, China/Hong Kong, Japan, and Taiwan, exports are also trending higher in the ASEAN region, the Caribbean, Central America, Europe, and the Middle East.

USMEF President and CEO Dan Halstrom says the rebound in the global food service sector provided a tremendous lift in 2022 and there are definitely opportunities for further growth. However, we’re still far from a full recovery in many Asian and European destinations and inflation continues to raise concerns regarding consumer spending power.

• Halstrom also signals how China’s hog price is up about 40% since mid-June and there’s some rebound in China's demand for pork variety meat. 

Exports of U.S. pork remained below last year's large totals in June, while lamb exports continued to trend higher.

• Pork shipments to Mexico remain at a record-shattering pace and demand has also strengthened in recent months in markets such as Korea, Colombia, and the Caribbean. 
• June exports of U.S. lamb increased 56% from a year ago and export value soared 84%.