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Cheaper U.S. Beef Could Slow Asian Demand for Australian Meat

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Consumers in Asia are set to buy more U.S. beef as demand moves away from more expensive meats from Australia. The U.S. Meat Export Federation told Bloomberg News that Japan will likely be the region’s fastest-growing market for U.S. meat this year. Japan is Asia’s largest beef importer, and USMEF predicts a 9 percent increase in U.S. exports to Japan. The Federation also expects sales to South Korea and Taiwan to expand this year as the U.S. has more supplies and prices are coming down, while there is less Australian product on the market, driving their prices up. Australia’s beef exports are set to drop nearly 9 percent for the year starting July first as herd rebuilding reduces cattle and calf slaughter.

Source: NAFB News Service