FAO: Meat price index declines in November

The FAO Meat Price Index recorded an average of 124.6 points in November, a drop of 1.0 points (0.8%) from the revised value of October, although it remains 5.8 points (4.9%) above the level of one year ago. The monthly decline continued to be driven by the reduction in pork and poultry meat prices, while beef quotations remained virtually stable and sheep meat prices increased. Poultry meat quotations fell due to the reduction in export values from Brazil amid abundant supply and increased global competition. This drop was exacerbated by efforts to regain market share after the suspension of trade bans related to highly pathogenic avian influenza (HPAI) by major importing countries, including China, which removed its restrictions at the beginning of November. Pork prices also declined, primarily due to lower quotations in the European Union, amid ample supply and moderate demand, especially from China, following the introduction of import tariffs at the beginning of September. ...