Sunday, September 30, 2012

Beef Consumption to Grow in China

News

28 September 2012

CHINA - China?s beef production in 2013 is forecast to increase less than one percent to 5.58 million metric tons (MMT) due to slightly higher calf production and slaughter.

The government?s subsidy to support beef cow production will no doubt help beef cow stocks and calf crop production in coming years.

Total beef consumption is expected to shift upwards in response to steady imports and slightly higher domestic beef production. Beef imports are expected to increase 12 per cent from the revised 2012 estimate to 34,000 metric tons (MT), carcass weight equivalence (CWE), driven by robust demand from the rising middle class.

However, decreased consumption of lower-income consumers is offset by increased middle-class consumption. As a result, per capita consumption remains only about four kilograms (kg). Live cattle imports are forecast at 115,000 and 120,000 head in 2012 and 2013, up 21 percent and four per cent, respectively, with breeding cows accounting for 90 per cent, driven by strong demand for dairy genetic improvement.

Beef exports will likely decline seven percent from the revised 2012 estimate to 43,000 MT given slow economic growth in export markets and high Chinese export unit price.

Beef exports to Hong Kong, China?s largest export market, are strongly challenged by Brazilian exports to Hong Kong because of competitive export prices, while exports to Japan will likely be dampened by Japan?s relevant level consumption, higher stocks, and greater volume of imports of US beef cuts.

Cattle exports are expected to remain the same due to flat demand in Hong Kong and Macau, the only exports markets.

TheCattleSite News Desk

Source: http://www.thebeefsite.com/news/40025/beef-consumption-to-grow-in-china

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Japan PM to pick senior lawmaker Jojima as finance minister: media

TOKYO (Reuters) - Prime Minister Yoshihiko Noda plans to name senior lawmaker Koriki Jojima as the country's new finance minister in a cabinet shake-up due later on Monday, Japanese media reported.

Jojima, who has served as parliamentary affairs chief in the ruling Democratic Party of Japan (DPJ), would replace Jun Azumi and take charge of the world's third largest economy as it teeters on the brink of recession in the face of a global slowdown and strong yen.

The cabinet reshuffle, a last-ditch effort to boost the DPJ's chances in an upcoming general election, would be the third since Noda took office in September 2011, becoming the DPJ's third prime minister in as many years.

Opinion polls show the main opposition Liberal Democratic Party (LDP), ousted in 2009 after more than 50 years of almost non-stop rule, will likely come first in the election expected within months, meaning Jojima's time in office could be short.

Jojima would likely stick to a fiscal reform drive pursued by fiscal hawk Noda, as he has worked closely with the premier in designing Noda's signature plan to double the sales tax to 10 percent by October 2015.

But little is known about Jojima's view on monetary and currency policies.

Jojima would also likely aim to discuss the strength of the yen at a meeting of Group of Seven finance chiefs and separate meetings for the International Monetary Fund and World Bank, to be held in Tokyo next week.

He would also be tasked with tackling Japan's snowballing debt, already twice the size of its annual economic output, the worst among industrialized countries.

Noda, re-elected last month as head of the DPJ and government, has promised to call general elections "soon" in return for backing on his contentious sales tax plan.

But the 55-year-old former finance minister remains coy on the timing of the poll.

(Editing by Chang-Ran Kim; Editing by Richard Pullin)

Source: http://news.yahoo.com/japan-pm-pick-senior-lawmaker-jojima-finance-minister-231734749.html

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