February 2024 Outlook Report: Meat and Seafood

•Beef: United States (US) and European beef prices remain considerably strong and are expected to remain well above their five-year averages through 2024. Prices in the US started stronger than initially expected as herd levels remain at their lowest in decades. On the other hand, prices in Brazil continued to edge lower, given ongoing high production.
•Poultry: Poultry prices rose in Brazil but increased supply is expected to keep the upside on prices capped. Meanwhile, a rise in demand for other proteins such as beef coupled with lower domestic poultry production and consumption in China in 2024 are expected to have a null net effect on prices.
•Atlantic Salmon: Atlantic salmon export prices in Norway are expected to remain above their historical marks throughout 2024 on the back of resilient demand and tempered supply growth expectations.
•Frozen Shrimp: Prices in Japan continued to ease, reflecting the global trend in shrimp prices and the downward pressure exerted by higher domestic seafood supply following the Chinese ban on Japanese-origin seafood imports.