May export figures show stunning results for red meat

Saleyard values may be steady but on the export front, it’s all systems go for red meat. These are the latest figures and who’s buying.

Record monthly lamb exports and a five-year high for beef volumes are being driven by insatiable demand from the United States for Australian red meat.

And the drought-reduced offerings from the US are also allowing more red meat to get into other markets.

The US has emerged as the major buyer of Australian lamb and beef in the May export figures, as the flow through from the prolonged drought in that country.

In May, the US imported 31,292 tonnes of Australian beef, up 74 per cent year-on-year.

Meat and Livestock Australia global supply analyst Tim Jackson said the impact of the low US cattle herd was two-fold.

“US declines in production are now having a noticeable impact on export flows,” Mr Jackson said.

“Australian exports to the US have been consistently high this year.”

The lower US beef exports werealso positive for Australian red meat exports as importing countries looked for supplies.

Selling action at the Wodonga store cattle sale.

“Lower US exports to Japan and Korea have caused increased demand for Australian beef in those markets,” Mr Jackson said.

“Exports to Japan rose by 31 per cent year-on-year to 19,366 tonnes, and exports to Korea lifted 9 per cent year-on-year to 17,096 tonnes.”

May lamb exports were the highest monthly figure ever, at 36,703 tonnes while mutton volumes, at 21,644 tonnes for the month, had not been this high since November, 2019.

StoneX Australian livestock and commodities manager Ripley Atkinson said the export sector was “operating at exceptionally strong levels”.

“Demand for competitively priced Australian product across beef, sheep and goat meat around the world so far in 2024 has been robust to put it lightly,” Mr Atkinson said.

“There are economies remaining challenged but its evident in the figures that the demand for Australian product is very strong.”

Mr Atkinson said Australia was yet to reach its peak turnoff but the large number of countries and markets red meat was being sold to should soak up numbers when that occurred.

“Looking ahead, I do see the export sector on track to continue to see records broken - mutton, lamb and goat meat export volumes should reach record highs for the full calendar year and beef will be right up there.”