December 2023 Outlook Report: Meat and Seafood

Beef: United States (US) beef prices remain considerably strong and are expected to remain so. As reflected by higher imports and lower domestic supply, demand keeps prices high. Similarly, beef prices in Europe continued to grow slowly and reached a fresh multi-month high of EUR 4.86/kg, remaining well above their historical levels. On the other hand, prices in Brazil continued to edge lower, given ongoing high production.

Poultry: Poultry prices rose in Brazil but managed to ease slightly in China. Demand in Brazil is facing an upturn, but higher supply is expected to keep the upside on prices capped. Meanwhile, higher domestic production and consumption in China in 2024 are expected to have a null net effect on prices.

Atlantic Salmon: As of mid-Nov-23, Atlantic salmon export prices were down by 5% month-on-month (MoM), the fastest decline pace in monthly terms since late Aug-23. This aligns with the direction of past trends but at a quicker pace.

Frozen Shrimp: Indian higher prices in year-on-year (YoY) terms point to lower shrimp production, which is expected to continue declining in the upcoming months. Moving forward, prices are expected to remain supported by this development, but there is not much upside room unless demand recovers as well.