The Canadian Cattlemen’s Association released information this morning that South Korea has lifted its ban on Canadian Beef imports. This news is long overdue and we have to realize that trade resumption doesn’t happen overnight.
Learning from our agreement with China, Canada must complete all of the more detailed technical issues as quickly as possible so that potential trade can happen.
The psychology of opening a major market has great impact on the mind set of producers, packers and trade associations. This decision made by South Korea also has large potential impacts on some other issues.
- US plants in the midwest that chose to export to Korea will now be able to kill Canadian cattle again.
- Will this bring Japan closer to changing their policy on Canadian cattle under 21 months to 30 months?
According to the CCA press release, the Canadian industry is expecting a return to $30 million in beef exports into South Korea by 2015.
This is great news but it will have limited impact on the cash market in the short term. As you’ll hear in the next Beef Market Update growing the Canadian export portfolio is critical for our industry. Great job and congratulations to everyone involved in making this announcement happen.