By David ChalianAssociated PressAssociated PressThe U.S. beef market has been in free fall for the past three months, with the futures contract on Wednesday trading at its lowest level since late October.
The futures contract, which has a $20.50 price, is down 10.9% from the week ending Oct. 26.
The price has also declined in the months of October, November and December, according to a futures tracking website.
The U .
S. imported 1.8 million metric tons of beef in September, down from 2.4 million tons in August.
That compares to the same month last year, when the U.K. imported 676,000 metric tons, down by more than 60% from a year earlier.
The sharp drop in imports was driven by concern that global supply is likely to peak in mid-2018, when supply of beef will have become depleted, according the U .
The Trump administration has pushed to reduce U.N. restrictions on imports of beef and pork, which have led to higher prices in some parts of the world.
U.S.-made beef has become a staple in many Asian countries.
The market has seen a steady fall in imports of meat, with China, India, and Japan accounting for more than half of all U.H.s imports.
In the U!
S., beef is the third largest food product used in the U !s economy, behind pork and milk, according Toppings.
U !s meat consumption is also a source of protein, which is crucial for many developing countries.
For U !nst time, we are seeing a significant decline in U !z meat consumption.
Our beef consumption is down by almost 50% in recent years.
The increase in pork consumption is even more dramatic.
The International Trade Commission, which regulates the trade of beef, has called for a halt to the slaughter of cattle and pigs and the importation of meat from the United States.
The United States is a major exporter of beef to countries in Asia, including India, the Philippines, Thailand and Vietnam.
U!s imports of U !
s beef were down by an estimated 6% in the second quarter, and are down 6.9%, according to the National Pork Producers Council.
In a report last week, the U ?s Office of the U?s Trade Representative said the beef market in the United Kingdom was “shaken and the underlying trends in global demand and supply are continuing to pose challenges.”