Australia is on track to record one of its best ever year for beef exports

The boom in demand for Australian beef comes as a variety of factors draw more buyers to the fore. See them here.

More Aussie beef steaks are hitting the plates of consumers around the world as our exports for March hit a nine year high.

The boom in demand for our beef comes as the low Australian dollar, diverse demand and access to global markets, and a reputation for quality product draws more buyers to the fore.

And analysts are tipping export volumes for this year could end up being counted as one of Australia’s top four years on record.

This, plus some opening autumn rains in much of the Eastern Seaboard and a subsequent lift to saleyard prices, is lifting confidence for the year ahead.

At the producer end, restocker yearling heifers demand lifted last week, up by 26c/kg to see the indicator close at 260c/kg, and, there was also evidence of more processor demand for finished cattle.

Agent Glen Rea, M&M at Bendigo said at the Yea cattle sale the backlog of cattle to processors was starting to ease with processors “actively looking for cattle”.

This comes as new data from the Department of Agriculture Forestry and Fisheries reveals March 2024 export volumes were the highest total since the same month in 2015.

According to StoneX analyst Ripley Atkinson, Australian beef was an “attractive proposition”.

He predicted by the end of 2024 export volumes “should be in the top four biggest years on record”.

At the premium end, chilled exports had their strongest March since 2020, despite the oft-quoted cost of living pressures experienced by many consumers globally.

“This is important because chilled exports drive value through the supply chain because of their premium nature and shorter shelf life, commanding higher prices,” he said.

Compared to the US, our cattle prices had been good buying, around $US6/kg lower, he said.

But, in recent days the US Cattle Futures market had experienced volatility as the US dairy sector was hit by Avian Flu concerns.

While there was no direct impact reported on cattle herds, Mr Atkinson said the market took an “emotional shock” temporarily putting pressure on US prices.

He said the wide range of markets that Australia sent product to, and its 14 Free Trade Agreements, was another point of difference for the local industry, relative to competitors.

“Exports to these (emerging market) countries demonstrates Australia’s unique market diversity, assisting us in managing risk and not being overtly focused on one country like the South Americans are,” he said.