China to continue strong beef imports
The ongoing shortages in China will continue to support rising imports of frozen beef, with Australia remaining the biggest supplier accounting for 53% of total import volume in 2013. Overall, market fundamentals remain positive for the global beef industry, according to Rabobank's Q1 Beef Quarterly report. Although 2014 imports in China are not expected to reach the growth levels experienced in 2013, they will grow as Chinese farmers take little interest in Government-supported production expansion and strong profits. Market opening to Brazilian beef may happen imminently. "Prospects remain positive in Q2, with a possible upside due to pressured supply and scarce supply of competing proteins," explained Rabobank Analyst, Albert Vernooij. "Brazilian cattle prices and exports have surged to record levels, and Australian droughts have encouraged historically high slaughter levels to meet global demand."
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