An industry analyst says the trade outlook for the beef industry is positive for 2021.
Kevin Good with CattleFax projects US beef exports to be up 5 percent this year while imports of foreign beef are expected to decline 5 percent. “That’s a 10 percent swing,” he says. “What’s a 10 percent swing on a 3 billion pound market? That’s basically 300 million pounds. We thought production was going to be up 500 million. The balance of trade is going to eat up more than half of that, isn’t it?”
He says strong demand for US beef in places like Japan and South Korea is expected to continue.
