Beef market outlook in South Africa: Is the beef industry likely to rebound in 2024?

Published 2023년 12월 8일

Tridge summary

Soybean and other crops have reported above-average yields this year, supporting good sales in farming equipment and considerable financial gains for grain farmers. However, the beef, chicken, and pork industries have not seen windfalls due to disease burdens, such as FMD, Avian flu, and African Swine Fever. Despite challenges, the potential opening of new markets and potential easing of interest rates in 2024 may bring some relief and cause for cautious optimism in the industry.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Other crops, such as soybean have also reported above-average yields for the season. "Good sales in farming equipment like combines this year support the notion of above-average harvests," says Roelie van Reenen, supply chain executive at Beefmaster Group. "From a financial standpoint, grain farmers have made considerable gains this year." However, says van Reenen, in contrast, the beef, chicken and pork industries have not had such windfalls, due to disease burdens such as FMD, Avian flu and African Swine Fever, amongst others. "For those involved in the beef industry, this year was a perfect storm,” comments van Reenen. Foot and mouth disease Six of nine provinces were affected by the FMD in 2022 and 2023, which temporarily halted exports to some markets, most notably China. Although SA beef exports last year did drop by 12% to 28,422 tonnes compared to the previous year, this was only slightly lower than the ten-year average, according to Trade Map. "FMD impacted local ...

Source: Bizcommunity