A major revision to U.S. beef export data is raising fresh questions about government reporting and adding uncertainty to livestock markets. The U.S. Department of Agriculture on Thursday sharply reduced previously reported late-June beef export sales after identifying data entry errors. Reuters reported that export sales were cut by nearly 90% after traders questioned unusually large purchases reportedly made by countries including Chile and Italy. Successful Farming also noted concerns from market analysts who said the original figures appeared inconsistent with normal trade patterns.
USDA reports are closely watched by livestock producers, exporters and futures traders because they influence marketing decisions and price expectations. The revision comes as U.S. cattle inventories remain near multi-decade lows and beef prices continue to trade at historically high levels. Analysts say confidence in government data is critical during periods of tight supplies and volatile markets. USDA officials said they are reviewing reporting procedures to help prevent similar mistakes in future export reports.
-NAFB