Washington - U.S. exporters have exhausted $60 million in added export credits for sales of meat to South Korea in less than a week, a U.S. Agriculture Department aide said.
Of the $60 million, only $100,000 was registered for pork sales to South Korea. The remaining $59.9 million was in beef sales, the USDA aide told Reuters.
USDA last Friday announced the commodity allocations for $500 million in export credits for South Korea.
The vast majority of the credits was allocated for feed grains and other bulk commodities, angering members of the U.S. meat industry, who predicted the $60 million for meat would quickly be exhausted. Previously, $100 million had been allocated for meat credit sales to South Korea, which was also quickly wiped out.
The U.S. meat industry had aggressively lobbied for $400 million in added credits for meat in an effort to help boost sagging pork and beef prices.
Meat Industry Insights News Service
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