Based Underground is now a conservative news aggregator AND curated newsletter.
(The Epoch Times)—According to Meat and Livestock Australia (MLA), the United States was the top export destination for Australian beef in the first three months of 2024. Australian beef exports to the United States soared as American production fell, and this trend is expected to continue.
“Global beef exports from the U.S. are likely to place significant pressure on supply for the remainder of 2024,” the report (pdf) stated. “The continual decline in North American beef production, which has been ongoing since at least January 2023, has now begun to materially affect global markets this year.”
Demand from Japan, South Korea, and the United States may increase competition for beef for the remainder of the year. The report noted higher Australian production will partially offset the supply gap, but not enough to compensate for a decline in U.S. supply.
“The U.S. was the largest export market for Australia in Q1, as Australian beef makes up for shortfalls in dairy cow slaughter, and as American production falls, exports are set to continue rising,” the report said.
“At the same time, Australian market share for high-quality beef in Japan and Korea will continue lifting as U.S. exports fall, and strong Australian supply will go some way to making up the shortfall.”
China Has Seen a ‘Slowdown’
China’s economic performance will be a key question for the rest of the year. The report noted that China, the world’s largest beef importer, had seen a “slowdown in key economic indicators” and below-trend consumer sentiment.
“This has impacted import pricing and has markedly slowed import volume growth. If export volumes into China begin to decline materially, it would further accelerate the diversification of South American exports and likely put considerable pressure on cattle prices,” the report said.
Key Beef Export Stats
The report revealed that Australia produced 570,681 tonnes of beef and veal in the first quarter of 2024. This represented a staggering 15 percent increase over the first quarter of 2021 but 1 percent less than the previous quarter.
Australia’s domestic market was the largest, accounting for 28 percent of local production in quarter one of 2024. Australian exports to North America in the first quarter of 2024 surged by 86 percent compared to the prior corresponding quarter to 104,797 tonnes of carcass-weight equivalent (CWE).
Exports to Japan grew by 25 percent yearly to 85,581 tonnes, while China exports rose 9 percent to 73,569 tonnes. Conversely, South Korean exports dropped 8 percent to 53,612 tonnes.
- Preserve your retirement with physical precious metals. Receive your free gold guide from Genesis Precious Metals to learn how.
Exports from Australia to all other markets jumped 17 percent compared to the first quarter of 2023.
Outlook ‘Positive’
MLA Global Supply Analyst Tim Jackson said overseas supply dynamics have a major impact on the Australian beef industry.
“Although a small part of global production, Australia is a major player in export markets. So far in 2024, the United States has emerged as the largest market for Australian beef,” he said.
He said long-running destocking in the United States had driven American production down.
“This has boosted demand for Australian beef in the United States, Japan, and South Korea, where the U.S. competes with Australia for imported share,” he said.
Mr. Jackson said the outlook for Australian exports is optimistic, pointing out supply shortages and Australia’s dollar.
“Alongside the decline in U.S. production, South American slaughter has been very high as drought conditions persist in key cattle-producing regions. As conditions normalize, production is likely to decline, further reducing the global beef supply,” he said. “Despite low consumer confidence, unemployment remains low in most advanced countries, and inflation has been falling in most of our export markets. At the same time, a weak Australian dollar has made Australian beef more competitive on the global market.”
US East Coast Popular for Beef and Veal Exports
Separate Australian red meat export statistics released by the Department of Agriculture, Fisheries and Forestry broke down Australian beef exports to the United States east coast, west coast, and Canada.
The red meat export figures updated July 15 show Australia exported 15.65 million kilograms of beef and veal to the east coast and 2.92 million kilograms to the west coast, making the United States the leading export market for beef and veal in kilograms. In addition, Australia sent 1.28 million kilograms of beef and veal to Canada.
Australia also exported 13.24 million kilograms of beef to Japan, 9.4 million to Korea, 1.83 million to Japan, 15.59 million to other Asia, 1.6 million to the Middle East, 0.57 million to the European Union, 0.028 million to Western Europe, and 0.68 million to other destinations.
Minister for Agriculture Murray Watt said in June that Australian meat is “hugely” desired for its quality, health, sustainability, and flavour.
“That’s why so many countries are stocking our product and why demand for it continues to grow,” he said.
Five Reasons to Believe Trump’s Would-Be Assassins Are Deep State Assets
by JD Rucker
Tinfoil hat time. By no means am I going to convince anyone with this short article that Ryan Wesley Routh (or Thomas Michael Crooks, for that matter) is an asset for the Deep State. That is not the intention because to “prove” it would be as impossible as “proving” anything…
Hurricane Forecasts Poised to Be Spectacularly Overstated, Raising Doubt About Climate Science
by Just The News
Penn State celebrity climate scientist Michael Mann announced in April that his research group’s 2024 North Atlantic season forecast was expecting an “unprecedented” 33 named storms, with a range between 27 and 39. That prediction has turned out to be a dud. With Hurricane Francine hitting the coasts Thursday, the…
Another Attack on President Trump Prompted Prepper Surge
by Sponsored Post
The 2nd attempted assassination of Donald Trump has prompted renewed concerns over the nation’s future. Website traffic on Sunday was higher than it’s been in our history. One does not have to be a Republican to realize that chaos may be in store for us soon. At Prepper All-Naturals, we’re…
DJT’s Attempted Assassin Made 19 Donations to Democrats
by Independent Sentinel
The attempted assassin of Donald J. Trump is Ryan Wesley Routh, who has made 19 donations to Democrats. The donations were to Elizabeth Warren, fake Hispanic Beto O’Rourke, Andrew Yang, Tom Steyer, and Tulsi Gabbard. Allegedly, Routh also claimed to have fought in Ukraine in 2022 and supported the war….
Dem Rep. Crockett: MAGA Is a Domestic Threat, Trump Is Stoking Them
by Breitbart
Representative Jasmine Crockett (D-TX) said Sunday on MSNBC’s “Inside” that MAGA is a domestic threat that former President Donald Trump is stoking them. Crockett said, “Springfield is going through hell, but they are going through hell because the guy who says he wants to be the commander-in-chief is actually bringing…
Sunlight and Clouds, Not CO2, Drive Earth’s Climate, New Study Finds
by The Epoch Times
This year’s summer months were characterized by cold outdoor pools that eagerly welcomed guests, concrete that scorched the soles of bare feet, and popsicles that melted in the relentless, blazing heat. In August, the European Commission’s Copernicus report found that the global average temperature had reached record highs in the…
The Man That Just Tried to Assassinate Donald Trump Has Very Alarming Links to Ukraine
by Michael Snyder
(End of the American Dream)—We are starting to learn more about Ryan Routh’s background, and what we have learned may help to explain why he attempted to shoot Donald Trump. It turns out that Routh is a rabid pro-Ukraine activist. In 2022, he actually traveled to Ukraine to fight in the…
Bill Gates Forecasts Another Global Pandemic ‘Likely’ Within Next 25 Years in Ominous Health Warning
by End Times Headlines
War or another global pandemic, Microsoft CEO Bill Gates is cautioning that, if the world manages to avoid the former, the latter is a very real possibility within the next 25 years. “A lot of unrest” in today’s age could spark a major war, he told CNBC’s “Make It.” “If…
US Foreign Policy Should Defy China, Recognize Taiwan as a Country
by The Gateway Pundit
The U.S., as the world’s most powerful country, should have an independent foreign policy. Currently, the U.S. abides by the One-China policy to appease Beijing. The U.S. should no longer allow Beijing to dictate its foreign policy and should recognize the independence of Taiwan, a high-functioning, multi-party democracy whose citizens…
Florida Will Conduct Investigation Into Trump Assassination Attempt: DeSantis
by Jack Phillips
Florida Gov. Ron DeSantis on Sunday announced the state will launch its own investigation into the apparent assassination attempt targeting former President Donald Trump earlier in the day. The FBI has said in a statement it is investigating the matter as an assassination attempt, while law enforcement officials said on…
‘Stop This Reckless Escalation’: Robert F. Kennedy Jr. Tells Biden Not to Authorize Long-Range Missile Attacks on Russian Territory
by The Gateway Pundit
The world is handing on the edge of a major escalation with unpredictable consequences, as Ukraine relentlessly pushes for the US to make decisions that can have unpredictable consequences. All around the world, peace-loving people who can see the danger ahead are cautioning the western NATO powers – notably the…