US beef imports slide in Q1

US imports of beef in the first quarter totalled 573 million pounds, a 19% decrease from the same quarter last year, on the back of tight exportable supplies from Oceania and a weakened US dollar.

This decline should carry over into the remaining quarters of 2010, as total US beef imports for this year are forecast at 2.5 billion pounds, a 5% decline on-year.

First-quarter beef imports from Australia and New Zealand were down 41% and 18%, respectively, from the same quarter last year. Australia's low number of cattle on feed in first quarter 2010 since the last quarter of 2008, coupled with its strong currency against the US dollar, is the main contributing factors for the decline.

Canadian beef imports for first-quarter 2010 were up 5% on-year, but not enough to offset declines from Oceania and South America.

US beef imports in 2011 are expected to total 2.79 billion pounds, almost a 12% increase on-year, a reversal of the decline in beef imports forecast for this year.