Severe South Korean beef supply, active participation in cow reduction project

The supply and demand of Korean beef is not serious. As the oversupply of Hanwoo beef began in earnest, the downward trend in prices is expected to continue. According to observations by the Korea Rural Economic Institute in March, the number of breeding animals this year is expected to be 3.57 million, a record high. As a result, the number of slaughtered animals is expected to increase by 8.5% year-on-year and 21.8% year-on-year to around 940,000, and it is expected to further increase to about 1 million next year. Due to an increase in the number of slaughtered animals and a decrease in demand, the wholesale price of Korean beef (geosewoo), which exceeded 20,000 won per kg last year, fell sharply to 16,500-17,500 won in the first and second quarters, and rose slightly to 17,000-10,000 won in the third quarter. It is expected to fall back to 16,500-17,500 won in the fourth quarter after showing around 8,000 won. According to this prospect, the supply and demand level in the ...