South Korea: Hanwoo beef prices expected to fall next year, while pork prices may not be as good this year

Next year, Hanwoo beef wholesale prices are expected to show a gradual decline. Pork wholesale prices are also expected to fall short of this year. According to the “December Livestock Observation” recently announced by the Korea Rural Economic Institute, as of September this year, the number of Korean cattle raised was 3,544,000 and fertile cows were 1,683,000. This is an increase of 2.7% and 3.6%, respectively, compared to the same period last year. With the increase in the number of animals raised, the number of Korean beef slaughtered next year is expected to reach 940,000. This is 11% more than the expected number of slaughtered this year (853,000) and 22% more than the average year. The Agricultural Research and Development Research Institute predicted that next year's Korean beef wholesale price would decrease compared to this year due to an increase in the amount of waiting to be shipped and an increase in cow slaughter due to a decrease in breeding intention. ...