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EU to slash beef-export subsidies
Story Date: 4/20/2012
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Source: Tom Johnston, MEATINGPLACE, 4/20/12
The European Union said it will slash beef-export subsidies by 33 percent given tight supplies and high prices, according to a report by Bloomberg.
Export refunds for beef carcasses will fall to $213 per metric ton from $320, the European Commission told Bloomberg.
The action is scheduled to take effect Friday. USDA projected this month that the EU will export 445,000 tons of beef this year, down 20,000 tons from the agency’s prediction in October.
“The market is relatively tight, with production relatively low and prices high,” the commission wrote in an email to Bloomberg. “In this context, exports are naturally reduced and imports are decreased due to a lack of supply worldwide.”
Meanwhile, refunds for processed pork were cut to zero and poultry refunds were unchanged, according to Bloomberg.
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