Beef production to increase in Australia

Due to increased livestock supply following the completion of the restocking phase, as well as moderate prices for live exports , live exports are expected to grow significantly in 2024 . Exports are expected to reach the fourth highest level on record. The three most significant past EXPORT performances were due to drought-related cattle liquidations , making the 2024 forecast, if realized, a major milestone for the Australian beef industry. The increase in beef exports correlates with an expected decline in beef production in the United States as the industry begins to enter a herd recovery phase in 2024. Expected growth in Australian beef exports supports a likely increase in demand for beef imports from the United States and creates an opportunity for Australia to regain market share lost in recent years during herd rebuilding in its key markets of CHINA, Japan and SOUTH KOREA.

The prospect of lower feed grain prices in 2024, along with robust pork prices, is expected to support further production growth. Most of the increase in production is forecast to come from rising domestic consumption, while imports and exports are expected to remain relatively flat in 2024.