USDA’s Economic Research Service predicted in its latest Livestock, Dairy and Poultry Outlook report that total red meat exports are expected to rise 7.2 percent in 2021, but then decrease by 0.9 percent year over year in 2022.
Due to strong beef demand, beef exports are expected to an increase a significant 16 percent in 2021, fueled by demand from China, Japan and South Korea. In 2022, beef exports are expected to decline 3 percent.
The annual forecast for 2021 beef exports was raised to 3.422 billion pounds. The demand strength is expected to carry into 2022, increasing the forecast to 3.320 billion pounds.
Drought continues to be an issue for cow-calf producers. The 2021 beef production forecast was unchanged from last month at 27.905 billion pounds, as higher expected cow slaughter is offset by lighter expected aggregate carcass weights. The forecast for 2022 beef production was lowered by 10 million pounds to 27.325 billion pounds.
The annual forecast for 2021 and 2022 beef imports remains unchanged from last month at 3.021 billion pounds and 2.990 billion pounds, respectively. May beef imports totaled 270 million pounds, up almost 1 percent, or 1.7 million pounds from stronger shipments from Canada and Brazil. — Anna Miller, WLJ managing editor
