Feed Lot

SEP-OCT 2017

Feedlots and cow/calf operations in the beef industry who feed 500 or more has annually on grains and concentrates; maintain 500 or more beef cows; backgrounder, stocker/grower, preconditioner; veterinarian, nutritionist, consultant

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Page 10 of 31

imports to Japan will increase from 38.5 percent to 50 percent until April 2018," says NCBA's Uden. "Japan is the top export market for U.S. beef in both volume and value, and anything that restricts our sales to Japan will have a negative impact on America's ranching fam- ilies and our Japanese consumers." U.S. beef exports to Japan were valued at $1.5 billion in 2016. Australia may gain the greatest advantage from the Japanese tariff increase. While U.S. beef is subject to the elevated tariff, the tariff on Australian beef will remain at 27.2 percent as established in the Japan- Australia Economic Partnership Agreement (JAEPA). The 50 percent tariff applies to frozen imports from suppliers that do not have an economic partnership agreement (EPA) with Japan, mainly the U.S., Canada and New Zealand. "This unfortunate development underscores the urgent need for a bilateral trade agreement with Japan absent the Trans-Pacific Partnership," adds Uden. NCBA, the North American Meat Institute, and the USMEF continue to plug holes and pro- mote positive movement where they can. A July 27 letter was sent to USDA Secretary Sonny Perdue and U.S. Trade Representative Robert Lighthizer preparing for an August meeting with South Korea to discuss the Korea-U.S. Free Trade Agreement (KORUS). KORUS has been a positive for U.S. producers, and industry lead- ers would like to keep it that way. Annual sales to South Korea jumped from $582 million in 2012 to $1.06 billion in 2016, an 82 per- cent increase, making South Korea the second largest export market for U.S. beef. The pact includes a scheduled reduction of South Ko- rea's 40 percent tariff. Meanwhile, domestic demand for beef is staying strong, especial- ly for high-quality middle meats and ground beef. And despite all the forces at play, exports have posted double-digit gains every month since last August, according to Rabobank, spurred primarily by Asian demand. FL FEED•LOT  September/October 2017 11

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