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Expanded access to Korea good for Colorado beef producersColorado In April, U.S. and Korean officials reached an agreement to expand beef trade, and that could translate into big sales for Colorado's beef industry. "Colorado's farmers and ranchers are pleased that our beef can return to Korean stores and restaurants," said Colorado Commissioner of Agriculture, John R. Stulp. "Since the market closed in 2003, Colorado has lost over $290 million in exports, and we are looking forward to, once again, working with our Korean customers." Before the 2003 ban, the U.S. supplied 80 percent of Korea's imported beef, with Colorado ranking 5th among states. The opening of the market is good for, not only Colorado's beef industry, but also for the Korean consumer. So far this year, the average retail price for beef products in Korea is $10.45 per pound; in the U.S. the price is $3.90 per pound. "Before the ban, a popular item with the Korean consumer was U.S. bone-in short ribs and when that market closed, it caused a great deal of market disruption in Colorado's cattle industry," said Tom Lipetzky, CDA markets division director. "We are looking forward to rebuilding that relationship and expanding those markets." In 2003, Korea was the third largest buyer of Colorado beef totaling $67 million. The cattle industry remains the largest segment of Colorado's agricultural industry with more than 2.7 million head of cattle in the state. In September 2006, Korea agreed to accept U.S. boneless beef from cattle less than 30 months of age. Beginning in May, Korea will accept boneless and bone-in beef under 30 months of age and agreed to a protocol for accepting all U.S. beef products in the future. 5/5/08 Date: 4/30/08
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