Suggested Lead: Prior to December 2003, South Korea represented the third-largest market for U.S. beef and beef variety meat exports, valued annually at $815 million. In September 2006, Korea finally agreed to accept U.S. boneless beef from cattle less than 30 months of age. But this market reopening was never viable for U.S. beef producers because it excluded bone-in beef products, which are popular with Korean consumers. Thad Lively, senior vice president for the U.S. Meat Export Federation (USMEF), says this agreement is significant to U.S. beef producers…tape

Cut #1                :24                   O.C..."in the chain."

Trade will resume starting in May 2008. Initially, the protocol will allow for the shipment of all U.S. beef products (boneless and bone-in beef, as well as variety meats) from animals under 30 months of age.  Lively says this is the first step toward considerable impact on prices for cuts we’ve previously been unable to export…tape

Cut #2               :34                    O.C..."premium is possible."

Lively also notes South Korea is a market with huge upside potential. With growing incomes and extremely high domestic beef prices, this offers a lot of room for growth for U.S. product. Lively explains what this means as the beef industry’s Long Range Plan expiration date of 2010 is quickly approaching…tape.

Cut #3               :43                    O.C..."market and internationally."