RSS
Twitter
Linked In
News In
News
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing 1 of your 2 complimentary articles.

Register now to receive full access.

Already registered?

Login | Join us now

US regains access for beef exports to huge Chinese market

Twitter Linkedin

China is ready to start importing US beef for the first time in 14 years, following last month's trade talks between president Donald Trump and Chinese premier Xi Jinping at Trump's Florida beach resort.

The Chinese authorities imposed an import ban on US beef in 2003, following a case of BSE in Washington State, although this was lifted last year.

A Trump campaign pledge was to overturn unfair trade barriers at the same time as reducing the US burgeoning trade deficit with China.

The deal, which should start no later than mid-July, is subject to further technical talks on import standards, would allow US beef and card payment services access to the Chinese market.

In return, the US has agreed to open up to imports of cooked chicken products from China.

Final hurdle

China's appetite for beef has increased massively in recent years, with its imports increasing from 860,000 tonnes in 2012 to an estimated 950,000 tonnes this year, making it one of the top buyers of the commodity, according to the US Department of Agriculture.

Historically, Brazil has been China's major supplier, with a market share of more than 30%, followed by Uruguay and Australia.

How quickly the US can gear itself up for a slice of this trade depends on negotiations over import standards.

China has traditionally rejected beef reared using hormones and growth promoters, a stance it shares with the EU.

Although there are limited supplies of US hormone-free beef available, there would be limited scope for the US to supply China with beef at any volume without a change in attitude.

Industry applause

The US Meat Exporters Forum welcomed the high level agreement to allow US beef to re-enter the Chinese market .

"USMEF and its members greatly appreciate the efforts of the Trump administration and officials at USDA and USTR that made today's announcement possible."

By Jamie Day

Twitter Linkedin
Related Stories

Hedge funds turn net bullish on ags - ahead of price drop to historic low

Speculators are wrong-footed in soymeal, in which they hike bullish bets just before a price tumble. But they fare better in cotton and cocoa

December makes poor stab of bringing festive cheer to ag bulls

This might have been the month when grain prices began a "breakout", higher. Instead, ag prices are hitting their lowest in at least 26 years

Soft commodities better bets than grains for 2018, says Commerzbank

Indeed, investors are overrating prospects for corn and wheat futures. But cocoa futures have scope for gains, and coffee could see a "price surge"

Evening markets: Brazilian travails send coffee, soybean and sugar futures lower

... while Canada’s crop upgrade sends wheat to a fresh contract low. But cotton spares blushes for ag bull, hitting a seven-month high
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of the Briefing Media group
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069