Global: Uncertainty ahead for beef industry

According to a new report from Rabobank, 2022 was a year to remember for the global beef industry, with record retail and farmgate prices in many regions due to strong consumer demand and limited supplies. Brazil also achieved record export volumes and returns thanks to growing Chinese demand. However, consumer sentiment softened in late 2022, leading to weaker beef prices in early 2023. Total beef production is forecast to be steady in the first quarter of 2023, with a 5% lift in Australian and 2% increase in Brazilian production, almost enough to offset declines in the U.S., EU, and New Zealand. The global supply through 2023 is expected to become more limited as U.S. production dips. Cattle prices across most regions have continued their downward trend, with the notable exception being the U.S., where more limited supplies are providing price support. “Consumer sentiment weakened in late 2022, leading to a softening in beef pricing that has flowed through into early 2023,” said ...