The United States is importing record amounts of beef this year and exporting less after ranchers slashed the nation's cattle herd to its lowest level in decades, tightening margins for meat companies like Tyson Foods .
CHICAGO, Nov 10 (Reuters) - The United States is importing record amounts of beef this year and exporting less after ranchers slashed the nation’s cattle herd to its lowest level in decades, tightening margins for meat companies like Tyson Foods (TSN.N).
U.S. beef exports are projected to sink 14% this year from 2022 to 3 billion pounds (about 1.4 million metric tons), the lowest since COVID-19 roiled meat processing and international trading in 2020, government data show.
In 2024, when USDA expects U.S. production to decline further due to tight cattle supplies, exports are forecast to hit an eight-year low of 2.8 billion pounds.
U.S. beef exporters such as Tyson, Cargill (CARG.UL) and JBS (JBSS3.SA) face a “double whammy” from higher prices and strength in the U.S. dollar, which makes American products less attractive to other countries, said Pete Bonds, a Texas-based cattle producer.
Tyson CEO Donnie King in August warned low cattle inventories were leading to difficult export market conditions.
The number of heifers, or young female cows, in U.S. feedlots as of Oct. 1 was up 1.3% from a year earlier, signaling that producers are fattening them for slaughter instead of keeping them on farms to reproduce.
The original article contains 736 words, the summary contains 199 words. Saved 73%. I’m a bot and I’m open source!
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CHICAGO, Nov 10 (Reuters) - The United States is importing record amounts of beef this year and exporting less after ranchers slashed the nation’s cattle herd to its lowest level in decades, tightening margins for meat companies like Tyson Foods (TSN.N).
U.S. beef exports are projected to sink 14% this year from 2022 to 3 billion pounds (about 1.4 million metric tons), the lowest since COVID-19 roiled meat processing and international trading in 2020, government data show.
In 2024, when USDA expects U.S. production to decline further due to tight cattle supplies, exports are forecast to hit an eight-year low of 2.8 billion pounds.
U.S. beef exporters such as Tyson, Cargill (CARG.UL) and JBS (JBSS3.SA) face a “double whammy” from higher prices and strength in the U.S. dollar, which makes American products less attractive to other countries, said Pete Bonds, a Texas-based cattle producer.
Tyson CEO Donnie King in August warned low cattle inventories were leading to difficult export market conditions.
The number of heifers, or young female cows, in U.S. feedlots as of Oct. 1 was up 1.3% from a year earlier, signaling that producers are fattening them for slaughter instead of keeping them on farms to reproduce.
The original article contains 736 words, the summary contains 199 words. Saved 73%. I’m a bot and I’m open source!