Argentina continues to ease beef export restrictions

The Argentinean government has further eased beef export restrictions due to rising supply and low domestic prices, according to Meat & Livestock Australia (MLA).

Following recent talks with local industry members, Argentina has agreed to accelerate the export certificate approval process and lower meatpackers' domestic stock requirements to 30 percent from 65 percent.

The change gives processors the option of exporting the remaining 70 percent of their total respective supplies.

The government will also provide producers a subsidy for fattening the final 220 pounds of heavy cattle in order to replenish heavy steer production and reduce young cattle slaughter.

Earlier this year, the Argentinean government has already relaxed restrictions following higher supply, allowing exports to rose 10 percent on-year in 2008-09 to 300,093 tonnes, MLA said.

In the last fiscal year, Russia was Argentina's top destination, accounting for 32 percent of total shipments. Exports to the EU jumped 36 percent, said MLA.