The U.S. Meat Export Federation (USMEF) Strategic Planning Conference got underway Wednesday in Oklahoma City, Okla., attracting farmers, ranchers, processors and exporters from throughout the nation. While U.S. red meat exports will likely set a value record approaching $20 billion this year, the industry faces an array of obstacles related to the sluggish global economy, weakening currencies of key trading partners and lingering effects of the COVID pandemic. Challenges are also mounting on the production side, especially for livestock producers impacted by drought.
Keynote speaker Randy Blach, chief executive officer of CattleFax, detailed the larger-than-expected contraction of the cattle herd, which helped drive U.S. beef production and exports to record highs in 2022 but will be a significant constraint for U.S. exporters next year. The drought has also heightened production costs for cattle feeders.