By Tom Polansek
CHICAGO, July 2 (Reuters) - With U.S. beef prices soaring and supplies tight, the U.S. Department of Agriculture surprised meat producers and traders on Thursday by reporting a spike in the nation's export sales, fueling questions over the accuracy of the data.
The beef export sales, reported in weekly USDA data, included deals that may have taken place months ago, contributing to the sudden increase, the agency told Reuters. Traders said the totals still looked excessive.
U.S. beef exports have declined since 2022 due to high prices and scarce inventories, and an increase could further raise costs for domestic consumers already facing higher grocery bills during the summer grilling season.
Beef prices broke records this year due to strong demand and a persistent drought that drove U.S. ranchers to slash their cattle herds.
CHICAGO, July 2 (Reuters) - With U.S. beef prices soaring and supplies tight, the U.S. Department of Agriculture surprised meat producers and traders on Thursday by reporting a spike in the nation's export sales, fueling questions over the accuracy of the data.
The beef export sales, reported in weekly USDA data, included deals that may have taken place months ago, contributing to the sudden increase, the agency told Reuters. Traders said the totals still looked excessive.
U.S. beef exports have declined since 2022 due to high prices and scarce inventories, and an increase could further raise costs for domestic consumers already facing higher grocery bills during the summer grilling season.
Beef prices broke records this year due to strong demand and a persistent drought that drove U.S. ranchers to slash their cattle herds.
26 days ago
