We all know U.S. cattle and beef supplies are tight, leading to record-high prices for all classes of cattle this year.
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We aren’t alone according to a new report from Rabobank, which shows beef supplied tightening globally, and particularly in some key beef-exporting nations. And while global beef demand remains strong, that tightening of supplies is likely to continue through next year according to the report, meaning producers here and internationally should continue to enjoy unusually high cattle prices.
Brazil has benefited from strong export demand, particularly from some countries closed to U.S. beef. Russia, which has halted imports of U.S. meat products in response to sanctions related to its aggression in Ukraine, has stepped up imports of Brazilian beef. Brazil also will soon be able to resume shipping beef to China. But as those markets consume a larger share of Brazil’s beef exports, other markets open up for the United States and other exporters such as Australia.