THEE Hot Barn Report!
Heard ONLY on American radio stations across the nation and online at hotbarnreport.com!!
Welcome to America’s Hot Barn Report now heard coast to coast and border to border
It is official, we have just confirmed our 12th reporting barn for the big fall run. We now blanket the great Northern beef belt from Motely, Minnesota to Torrington, Wyoming.
The Hot Barn Report is a fast paced and entertaining daily program covering the latest news and trends in the cattle industry, hosted by Monte James, a veteran rodeo announcer, radio host and industry expert! The Hot Barn Report features interviews with industry leaders, market analysts, producers and ranchers and features True Price Discovery from salebarns in Great Northern Beef Belt and across the nation.
These markets aren’t the only thing higher, higher in the beef and cattle industry! Thanks for tuning in to this special Friday edition of the Hot Barn Report.
Those of us in cattle country are well aware that cattle herds continue to sell off. Decades ago when supplies of one protein were tight, causing prices of the finished product to rise, the supply chain would naturally guide consumers to other cheaper domestically produced proteins. This allowed the contracting protein to rebuild to more stable inventories and regain market share.
But this is 2023 and the US bows at the altar of global trade while sacrificing any loyalty to its domestic cattle producers. Mainstream media has kept the spotlight on these high markets which are to be celebrated too. But if anyone has been in the cattle market longer than 10 years, you know that our peripheral vision has become sharper as we are on high alert looking for all the market dangers coming at us from all around.
What no one is talking about is the “managing” of the beef market from outside imports. I offered a taste of this last week, but I’m ready to serve you up a full plate of all that is going on from the beef import sector!
Last week I reported from the USDA’s Economic Research Service’s monthly report that January imports of beef were the 3rd highest month on record as we imported beef at a rate of 38% higher over the 5 year average. January imports from Brazil were an overall record from the country at nearly 105 million pounds, 5 percent higher than the previous year. Beef imports from Brazil fall under the tariff- rate quota for countries without a specific quota or free-trade agreement. This quota is set at just over 143 million pounds; once filled, imports face a larger out-of- quota tariff.
If you are grimacing at that news, well February said, “hold my barley pop”! Monthly beef imports were a record for the month of February at 284 million pounds, almost 2 percent higher year over year. The largest increases in shipments came from Australia, Canada, and Uruguay, which more than offset decreases in imports from Mexico, Brazil, and Nicaragua. February imports from Uruguay were more than double compared to a year ago. Year-to-date imports from Canada, Australia, and New Zealand have increased significantly.
The import forecast for 2023 has now been raised 75 million pounds based on stronger-than-expected import data in the first 2 months. The forecast for the year is 3.500 billion pounds, a year-over-year increase of about 3 percent.
With the summer grilling season just around the corner we will all be left to wonder is that a brisket from Brazil we are throwing on the smoker or a Coulette steak from Canada? Until we reinstate mandatory country of origin labeling on beef we will never know!
These Diamond Dozen Hot Barns support the American cattle industry: Stockmens Livestock, Lemmon Livestock, North Platte Stockyards, St. Onge/Newell, Platte Livestock Market, Tri County Stockyards, Torrington Livestock, Creighton Livestock Market, Bassett Livestock Auction, Mobridge Livestock, Ogallala Livestock Auction Market, and Presho Livestock. Catch them all on CattleUSA.com.
Get the latest beef industry facts, statistics and stories showcasing the real ways your Checkoff dollars drive demand for beef here at home and around the globe. Visit drivingdemandforbeef.com
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