Cattle producers in South Korea are facing a situation opposite of U.S. producers as low prices make cattle management more difficult.
The Korea Herald reports one farmer had to bury nine cattle that starved to death because he could no longer afford to feed them. Global feed costs have increased by 16 percent making it difficult for producers to make money.
Cattle inventories in Korea have jumped from 1.4 million in 2001 to 3.3 million currently. The optimum number of cattle in the country is estimated at 2.6 million.
As local beef prices in Korea are expected to decrease it may be difficult for U.S. beef to gain market access in the country even as tariffs on U.S. beef will be removed over the next 15 years.