Rabobank Beef Quarterly Q3: Traded Volumes Are Reaching Quota Limits

NEW YORK, Sept. 28, 2015 /PRNewswire/ -- New Zealand and Australia beef exports to the U.S. are set to reach their quota limits in Q4. Meanwhile, global economic conditions—such as the appreciation of the U.S. dollar and the depreciation of the yuan and the real—are having an impact on beef trade, according to the Rabobank Beef Quarterly Q3.

A strong U.S. dollar has led to a reduction in U.S. exports and support for U.S. imports, while a weakening Chinese economy and devaluation of the yuan are curbing beef prices in China, and the devaluation of the real is expected to support Brazilian exports in the coming months.

"With little change expected in major beef-trading economies in the coming quarter, other than a possibility of the U.S. FOMC raising interest rates, a strong U.S. currency is expected to continue to affect global beef trade," according to Angus Gidley-Baird, Senior Animal Protein Analyst at Rabobank.

Highlights from the Beef Quarterly Q3 2015

• New Zealand and Australia exports to the U.S. are reaching quota limits, which—combined with the availability of supply in the U.S.—will result in some short-term softening in the Australian and New Zealand markets.
• There has been little progress in trade developments in the quarter. Australia is still awaiting parliamentary processes to enact the China FTA, Brazil is still progressing towards a trade protocol with the U.S., and the Trans Pacific Partnership (TTP) remains in negotiation.
• Russia has extended its ban on agricultural products from the EU, the U.S., Canada, Norway and Australia by another year.

About Rabobank Rabobank Group is a global financial services leader providing wholesale and retail banking, leasing, and real estate services in more than 40 countries worldwide.  Founded over a century ago, Rabobank today is one of the largest banks in the world, with nearly $1 trillion in assets, and ranks among the 10 safest banks globally.  In the Americas, Rabobank is a premier bank to the food, agribusiness and beverage industry, providing sector expertise, strategic counsel and tailored financial solutions to clients across the entire food value chain.

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SOURCE Rabobank