Global beef market impacted by prices, supply

The tale of two markets continues, with high prices and contracting production in the US and increasing production and low prices in the Southern Hemisphere, according to Rabobank's Q4 global beef report. Global beef markets continue to be a two-part story: the ongoing strong consumer demand in the US – although this may be weakening – accompanied by reduced cattle and beef supplies, and the weak demand and high inventory levels in Asia. Meanwhile, Southern Hemisphere production centers continue to increase volumes. Beef production in our monitored markets is expected to decline 1% YOY in 2023. The increases in Australia and Brazil have not been enough to offset the declines in Europe and the US. Rabobank forecasts that 2024 will play out in a similar fashion. Matching the two-part story of global beef markets, we continue to see North American cattle prices track at high levels, while in Southern Hemisphere countries, prices remain soft. Australian cattle prices dropped ...