ANALYSIS: US Special-Fed Veal Market Conditions

US special-fed veal carcass prices remain at record-high levels, with Northeast Hide-off Carcasses (255/315 lb) trading in a $660 to $680/cwt range. Current prices are roughly 6 to 10% higher than 2025 averages, 28 to 32% above 2024 levels, and more than 120% above the 33-year average of about $296/cwt, underscoring tight supply conditions.

USDA Cattle Inventory reports from January 1, 2023 through January 1, 2025 show the US dairy cow herd declined by roughly 1%, reducing the pool of dairy-sourced calves available to the veal sector. At the same time, industry breeding data indicate...

ANALYSIS: Veal Slaughter Remains Well Below Year Ago Levels

USDA data shows special-fed veal slaughter in the Northeast and North Central regions remains well below prior years, with year-to-date totals through mid-September 2025 at 50,984 head, down 35% from 2024 and over 40% below 2022. Weekly kills have consistently tracked under the 3-year average. According to some market participants, supplies remain short as calf availability continues to be limited, in part due to market competition and elevated young calf values.

Packers have also been operating on reduced schedules, with several noting difficulty securing consistent head...

Tariff Talks 2025: Expana's Weekly Rundown #19 

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Global Appetite for Australian Red Meat Continues at Pace: New Records in Exports for FY2024–25

Australia’s red meat industry exported new record volumes of beef and mutton in the 2024-2025 financial year.

According to Meat & Livestock Australia (MLA), total beef and veal exports for the financial year reached 1.4 million tonnes, the highest annual volume ever. Mutton exports also hit a new record at 256,104 tonnes. Lamb exports totalled 363,109 tonnes, making it the second-largest financial year for lamb exports.

June 2025 alone saw 134,593 tonnes of beef exported, marking the highest...

ANALYSIS: Calf Shortage Drives Veal Market Firm

The special-fed veal market remains tight as fewer calves are available and farming practices continue to change. As of January 1, 2025, the US cattle herd dropped to 86.7 million head, the lowest it has been since 1951 (USDA Cattle Inventory Report). At the same time, about 72% of dairy farms are now breeding cows with beef bulls instead of dairy bulls. This shift has led to fewer male dairy calves being born, which are the type traditionally raised for veal (Drovers; National Cattlemen’s Beef Association)...

Tariff Talks 2025: Expana's Weekly Rundown #12

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Tariff Talks 2025: Expana's Weekly Rundown #9

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

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Tariff Talks 2025: Expana's Weekly Rundown #8

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

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Tariff Talks 2025: Expana's Weekly Rundown #7

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

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Tariff Talks 2025: Expana's Weekly Rundown #6

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

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Tariff Talks 2025: Expana's Weekly Rundown #5

Expana’s global team of specialist reporters has been tracking every twist and turn in the fluid tariff situation.

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ANALYSIS: US Beef and Veal Exports Hit 52-Week Low in Jan 2025 

According to the latest UDSA monthly beef and veal exports summary, US beef exports hit a 52-week low in January sending 104,414 metric tons (mt) of material overseas, which is down 13,000 mt month-over-month from December of 2024 (-11.1%).

The US exported 1.08M mt of beef in 2024, with the majority heading to Korea, Japan and China. As large consumers of beef cuts and boneless beef, much of what the...