Beef production in Australia increased again in Q2 (April to June) 2014, in contrast to a decline in output reported by most major beef producers in the world.
Despite the decline in global production, exports by all major exporters increased in Q2, attributed to the strong international demand, led by the US. Australian beef exports to China have declined since May, however, remain at historically high levels.
Australian beef exports to Korea, Indonesia, the EU, Brazil and Saudi Arabia, increased year-on-year, while shipments to Japan and other South-East Asia subsided.
Driven by demand from major markets, beef exports by cut in Q2 had several shifts, with a higher proportion intended for grinding.
Looking forward, tight global supplies (including Australian), combined with firm demand, is likely to keep global beef prices high.
Read the full Red Meat Market Report: Composition of Australian beef exports - July 2014
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