Reports have begun flowing in about an agreement between the United States and the European Union concerning the long-standing dispute on beef. We’re hearing that the U.S. and the EU have reached an “agreement in principle” on allowing the U.S. a guaranteed share of the EU’s annual 45,000-ton quota for hormone-free, high-quality beef imports.

At this point, it may be best not to speculate on any specifics of the “agreement in principle” as it could change. Ultimately, the EU presents an attractive market for U.S. beef producers. High-quality beef is in high demand, and with supply constrained as it is, U.S. beef producers would likely benefit from any increase in duty-free access.

Read this week’s Market Intel update for detailed background information on the EU-U.S. beef dispute and the current situation.