Once a record, Australian beef prices are now down

Jakarta, CNBC Indonesia - The price of Australian beef has reportedly fallen after having soared to a record. Prices for cattle in northern Australia were reported to have fallen by half, while those in the south were down 30%. Where, the contract price about 12 months ago was still at US$ 5 per kg, equivalent to US$ 1,500 per head. As a result of the sharp decline in the last 6 months, farmers in Australia are reportedly trying to hold back and not sell their livestock to the market. Although the signal is predicted not to occur in the near future. "All indications point to a decline in prices. If anyone offers me anything above $2 per kilogram (kg), I will accept every futures contract I can find," said John Klepec, an executive with export company Wallard. "Over the last two years, when the producers made $1,000 per head, we experienced negative losses in our business, as well as processing," he said, as quoted Thursday (20/7/2023). On the other hand, he highlighted the ...