While Chinese buyers have been largely absent from the US pork market in recent months, they continue to show significant interest in US beef. In the last two weeks, China has been the top market for US beef and net sales to China last week were the highest to any market so far this year. Barring a USDA correction (always a possibility), net sales to China last week were 13,751 MT, 220% higher than the average of the last four weeks and 430% higher than the current pace of weekly shipments.
The week before, USDA had reported a beef sale package of 8,230 MT, at the time a record weekly volume to this market. In addition USDA also reported another 426 MT booked for delivery in 2022, bringing total sales to China last week alone to over 14,000 MT. China is still the third largest market for US beef in terms of weekly shipments, behind Japan and S. Korea. However, outstanding beef sales to China are currently 43,131 MT, similar to outstanding beef sales to S. Korea, currently our largest market.
Will China become the top market for US beef in 2022 or maybe 2023? – Read complete report…
