USMEF says red meat export market continues to navigate headwinds well

The CEO of the U.S. Meat Export Federation says the beef and pork export industry is getting used to navigating volatility in the global markets. Dan Halstrom says there have been plenty of headwinds to overcome. “The last year’s strong U.S. dollar, which is even stronger after Trump’s victory, especially in Asia and Mexico,” he says. “Some of our larger markets.”

He tells Brownfield elections can create uncertainty, and the United States wasn’t alone this year. “A lot of our trading partners have had presidential elections as well in the last year,” he says. “Mexico comes to mind with the Sheinbaum administration down there, she took office October 1. There is also a Prime Minister’s vote coming up in Japan next Monday.”

Halstrom says one thing that has been consistent is the demand for U.S. beef and pork. “Record-breaking in a case of pork, and in the case of beef, resilient, I think is the right word,” he says. “We’re almost steady with a year ago or very close to it on volume. A year ago, when we estimated what would happen this year, some people were saying down 10 to 15%, so I think we’re in a pretty good spot.”

Pork exports for 2024 are 5 percent ahead of last year’s pace and are up 7 percent in value. Beef exports are up 5 percent in value, while down 2 percent in volume.

Brownfield interviewed Halstrom from the USMEF Fall Strategic Planning Conference.