Record Aussie Beef Output Reshapes Export Landscape
Ripley Atkinson, Livestock & Commodity Broker at StoneX, discusses how Australia’s record beef production in 2024 is transforming global export dynamics.
Key Takeaways
Australian beef production hit a record 2.5 million metric tonnes in 2024
Exports surged to over 100 countries, making Australia the second-largest exporter
Australia is capitalising on US supply cuts driven by drought conditions
Cattle Market Dynamics in 2024
Australian beef production surged in 2024, reaching over 2.5 million metric tonnes. This increase followed a two-year transition from low to high supply. According to Atkinson, “Australia produced a record amount of beef in 2024 over 2.5 million metric tonnes”. Between 70 and 80% of this production was exported, marking Australia’s ascent to the second-largest beef exporter globally.
Australia's Export Focus and Global Reach
While Australians are among the top per capita beef consumers, the domestic market only absorbs a fraction of production. The bulk of Australian beef is exported, primarily to the U.S., South Korea, Japan, and China. “We can feed three times the amount of people that are actually in the country”, Atkinson notes, highlighting the sector's export-oriented nature.
Divergent Cattle Cycles
One of the key advantages for Australia in 2024 is its position in the global cattle cycle. While the U.S. is experiencing drought conditions and cutting cattle numbers, Australia is expanding. This counter-cyclical dynamic enhances Australia’s market position as a reliable supplier amid tightening U.S. supply.
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---- Written by Fredric Guetin, StoneX TV Producer
---- Expert: Ripley Atkinson, StoneX Australia Livestock and Commodities Manager
Meats & Livestock
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