Global Beef Production to Increase +1%; U.S. Beef Exports Lower & Imports Higher

On July 12, 2024, USDA Foreign Agricultural Service (FAS) released its quarterly Livestock and Poultry: World Markets and Trade report.

USDA FAS is forecasting global beef production to increase +1% to 60.7 million MT for 2024 with the US at 12.1 million MT (-1%) and Brazil at 11.4 million MT (+4%). In 2024, global beef exports are forecast to be +6% higher to 12.9 million MT with higher export levels from Brazil (+14%) and Australia (+15%) to 3.3 and 1.8 million MT, respectively.

Global beef imports are forecast to grow +5% to 10.9 million MT. China is forecast to be the top beef importer in 2024, up +9% to 3.9 million MT while the US is forecast to increase +11% to 1.9 million MT.