W1: Weekly Beef Update
Live Beef
EU: Beef Production and Consumption Continue to Fall (Jan 3)
EU gross beef production is expected to continue declining and fall by 0.6M MT (-9 %) in the next decade. At the same time, the total EU cow herd is set to decrease by 2.8M head (-9.1 %). The dairy herd should decline progressively, while the suckler cow herd is set to decrease to 9.9M head by 2032 (-636K head, -6 %), due to low profitability and increasing environmental concerns. The overall decline hides opposing developments in different EU countries. Coupled income support and certain eco-schemes under the new CAP, together with a relatively good price outlook will only dampen this trend, not reverse it. The average slaughter weight will continue its slightly upward trend due to advanced technologies (management of germinal products) and a larger share of beef-type animals in the productive herd, while a shift to organic and more extensive production systems may partially counteract this trend.
US: With Bullish Outlook for Cattle Prices in 2023 (Jan 3)
Cattle prices will be higher in the United States during 2023. That's the consensus of market analysts, although how those higher prices translate into profitability for ranchers has yet to be determined. That's because the current "once in a century" drought is worse than the last, Drovers reported.
Ireland: 2023 Beef Price Opens USD 0.75 Ahead of Last Year (Jan 3)
Factory quotes for finished cattle have increased again in W1 with most, if not all factories now putting forward a base price of USD 5.38/kg (€5) or higher for bullocks (steers). To put this into perspective, in W1 of 2022, steer base quotes were at USD 4.57/kg (€4.25) on the grid, which is USD 0.75/kg (75c) behind current levels. Procurement staff have said that it is difficult to gauge the trade and demand for beef in the opening days of the year but said the picture will become more transparent as the week progresses.
Ireland: How Did Your Beef Environmental Efficiency Programme BEEP-S Payment Compare to the Average? (Jan 4)
On November 1, the Beef Environmental Efficiency Programme – Suckler (BEEP-S) came to a close alongside the Dairy-Beef Calf Scheme. According to figures from the Irish Cattle Breeding Federation (ICBF), a total of 24.09K suckler herds submitted weights for the BEEP-S scheme. The average payment made to successful applicants under BEEP-S scheme was USD 1,829.57 (€1,700) and, according to ICBF, 493.3K cow-calf pairs were weighed overall.
Mexico: In 4 Years, Cases of Bovine Paralytic Rabies Decreased by 30% (Jan 3)
The Ministry of Agriculture and Rural Development reported that during the last four years the number of positive cases of bovine paralytic rabies in Mexican territory was reduced by more than 30%, due to prevention and control campaigns. Specifically, during 2022, 1.03M vaccines were applied in areas classified as high risk, as well as 1.97K operations to capture hematophagous bats, one of the main vectors of contagion. Since 2018, Agriculture has arranged an investment of more than USD 14.23M (270M pesos) for the design of strategies against this disease, doubling the resource allocated to said actions in the previous 16 years.
Poland: What Caused the Fall in Cattle Prices in Recent Weeks? (Jan 3)
Grzegorz Prabucki, Director of Cattle Purchase at Skłodowscy, gave the reasons for the changes in the beef market and commented on the situation in the sector. November was a very supply-rich month, but it's no wonder. This was due to the relatively warm October, which encouraged farmers to extend grazing in meadows and pastures. Thus, part of the cattle, which would naturally go on sale in October, was kept until November. This accumulation was one of the reasons for the price correction, informs Grzegorz Prabucki. How is beef sold? According to Prabucki, the sale of beef on Western markets is still unstable. It goes very hard, and all major recipients clearly communicate that they have full warehouses. This is still the aftermath of the pandemic, where everyone worked hoping that the situation would return to normal as soon as the virus stopped being so burdensome.
Poland: The Beginning of the Year With a Slight Rebound in Cattle Purchase Price Lists (Dec 5)
The end of 2022 surprised beef cattle producers with unexpected discounts. The beginning of the new year brought a slight rebound in most categories. In tW1 of 2023 in the surveyed plants, the purchase price of bulls in class R amounted to a maximum of USD 5.30/kg (PLN 23.10, average USD 4.95/kg (PLN 21.57)), while in class O the top rate was USD 5.07/kg (PLN 22.10, average USD 4.81/kg (PLN 20.95)). Prices of bulls bought live weight reached USD 2.98/kg (PLN 13.00, average of USD 2.79/kg (PLN 12.15). Prices offered for heifers in post-slaughter settlement in class R were at USD 5.28 (PLN 23.00, average of USD 5.04/kg (PLN 21.98)), and in class O USD 5.05/kg (PLN 22.00, average of USD 4.86/kg (PLN 21.17)). For heifers sold by live weight, producers received up to USD 2.87/kg (PLN 12.50, average of USD 2.63/kg (PLN 11.45)).
Brazil: Slow Start to the Year at the Fat Ox Market in São Paulo (Jan 4)
After the turn of the year, São Paulo slaughterhouses are gradually returning to purchases. With the supply of finished cattle adjusted to demand, prices remained stable compared to January 2. Few deals were carried out in the live cattle market, active buyers offered less than USD 0.39/@ (R$2.00) in the price of fat cattle . For fat cows and heifers, prices remained stable.
Brazil: Chinese Demand Will Be the Tipping Point for Ox Prices (Jan 3)
After rising for three years in a row, live cattle prices ended 2022 lower than they started, according to Datagro. The consultancy reinforces that the decline stems from the gradual increase in the supply of animals, a reflection of the change in the livestock cycle. It is virtually certain that cattle availability will increase in 2023, but there are doubts on the demand side. Datagro's indicator for the arroba traded in São Paulo dropped 14.2% in the year and stood at USD 56.18 (R$ 289.90) on December 30th. The value is based on an average of the last three business days until the disclosure date. Even so, the average for 2022 rose 1.6% compared to 2021, to USD 60.36/arroba (BRL 311.50).
Brazil: Records of the Holstein Breed in 2022 Reached 9.26K (Jan 5)
The number of records of the Holstein breed in Rio Grande do Sul in the year 2022 was 9.26K. The information is from the Association of Dutch Cattle Breeders of Rio Grande do Sul (Gadolando), when closing last year's data. The total is slightly lower than that of 2021, when 9.33K animals were registered. The number of classifications carried out in 2022 was 1.36K. For the president of Gadondo, Marcos Tang, by practically maintaining the same numbers as in 2021, the entity celebrates the result in the face of a year where the producer suffered losses.
Brazil: Mato Grosso Has 406 Properties That Are Able to Export to the European Union (Jan 6)
Mato Grosso has 406 properties with tracked cattle and suitable for export to more demanding countries, such as the members of the European Union (EU). The Agricultural Defense Institute of Mato Grosso (Indea/MT) points out, in a note, that the State has the largest herd tracked within the Brazilian System of Individual Identification of Cattle and Buffaloes (Sisbov), of the Ministry of Agriculture and Livestock.
Spain: Two New Outbreaks of Bovine Tuberculosis Confirmed in Asturias (Jan 3)
On January 3, the Ministry of Agriculture, Fisheries and Food reported two new outbreaks of tuberculosis in two cattle farms in Asturias, in the municipalities of Tineo and Parres. These are two farms with 67 and 94 animals respectively and both outbreaks were confirmed on December 23, according to the latest information published by the Ministry of Agriculture. With these two new outbreaks, the total confirmed in 2022 now amounts to 9.
Paraguay: A Recovery of the Value of the Fat Farm in the Region Is Expected (Jan 4)
The projections on the price of cattle in the region depend a lot on how the Chinese economy behaves, however, the values are expected to improve, although they will not be similar to the historical numbers that were achieved in the first half of 2022. Rafael Tardáguila, director of the consulting firm Tardáguila Agromercados, estimated that the average price of cattle in the region would have to exceed current levels and range between USD 3.50- 4/kg per hook. The Mercosur Steer Index ended the year with a price of USD 3.30 for meat, very close to the lowest levels of 2022 registered in October. On the contrary, in April 2022, the Mercosur Steer found the highest reference with a value of USD 4.45 for meat.
Paraguay: Appec Seeks Mediation From the Government to Get Out of the Current Situation (Jan 4)
The president of the Paraguayan Association of Meat Producers and Exporters (Appec), Fernando Serrati, assured that the producer has no expectations that the current livestock scenario will improve. "It's the worst thing that can happen in an activity," he said. Serrati estimated that, once the result of the vaccination that begins on January 24 is known, the country's bovine stock will register a drop of around 700K to 800K head in the last two years, from 2020 to date. He explained that the price that farmers receive currently is well below the value at the beginning of 2022, when in January it was positioned at USD 3.78 for meat. According to the Meat Commission of the Rural Association of Paraguay (ARP), the reference for the male in November was USD 3.26, which implied an annual devaluation of 13.6% in relation to the period January to November 2022.
Argentina: The Feedlots Are Emptying but the Offer Does Not Loosen (Jan 5)
A greater supply and a lower demand by consumption and exports are reflected in an equilibrium price for the farm that is 35% lower in real terms than six months ago. The cattle offer will not be reduced in the short term, at least while the dry season lasts. There may be a moderation in shipments in the next two months, because the feedlot, with record levels of losses per animal, now seems to have begun to empty. Little can be expected from consumption: “Light cattle prices will only improve, and partially, if the supply is restricted. The consumer is cornered ”, they assure in the sector. Exports, which seem to have stabilized at relatively high volumes (76K MT in November), have lost all the improvement in FOB prices that they had until a few months ago and that allowed them to compensate for the brutal (deliberate) delay in the real exchange rate.
Uruguay: Cattle Slaughter Fell by 8.6% In 2022 (Jan 4)
The slaughter of cattle in Uruguay at the end of 2022 decreased by 8.6% (228K less cattle) compared to the previous year, reaching 2.41M heads, against 2.64M heads slaughtered in 2021, according to data from the National Institute of Meat ( INAC). Despite the drop, the number of slaughters remained above historical averages of 2.4M head. As expected, the volume of steers slaughtered fell 6.1%, with a greater presence of young categories, reaffirming the trend in meat quality and the commitment to promote the slaughter of cattle with incomplete dentition and confirms the changes in production. Steers with two to four teeth represented 2.7% of the total, covering 706.69K heads. There was a significant decrease in steers with 6 and 8 teeth (13.8% and 23.6%, respectively).
Colombia: Sanitary Plan, a Key Factor That Should Not Be Missing in Any Cattle Farm (Jan 3)
The health plan covers all those practices or programmed actions that seek to reduce the health risks for the animals, be it with management measures, the application of vaccines or anti-parasitics and other products, thus preventing the presentation of diseases. This was stated by Ricardo Arenas, a specialist veterinary doctor, in a new chapter of the Livestock Practical Manual prepared by the Colombian Federation of Livestock Farmers (Fedegán), where he indicated that with the exception of officially controlled diseases such as foot-and-mouth disease, bovine brucellosis and rabies that have specific regulations and an official vaccination schedule, prevention practices for other diseases must be defined taking into account the region, type of production and breed of animals, as well as the characteristics of each farm and always in the hands of a veterinarian.
Greece: Association of Greek Shorthorn Cattle Breeders Announcement of Payment Mockery (Jan 2)
The Association of Greek Shorthorn Cattle Breeders speaks of "sham payments" in its announcement. Apprentices and non-wizards of computer systems, data and cross-checking have managed, at a very difficult time, to create yet another serious problem in the market. The late payment of some measures and the non-payment to date of action 10.1.9 (Conservation of Endangered Indigenous Tribes) has created chain reactions. Obviously, this money is not intended to "celebrate" as the luminaries of the channels insist. They were to cover overdue obligations, such as electricity bills, insurance contributions, supplies and especially the summer feed purchases to farmers - feed growers. Which means that they, in turn, cannot cover their own obligations, thus widening the vicious circle of debt that starts from the inconsistency, irresponsibility and lightness of the state itself. Certainly the mockery and irresponsibility, if not the purposefulness, continues.
Beef carcass cutting prices, which were at USD 5.86 (110 liras) for a long time, increased by USD 1.06 (20 liras) in the last 3 weeks and reached USD 6.92 (130 liras). Beef carcass cutting prices increased by USD 0.27 (5 liras) last week, reaching an average of USD 6.76 (127 liras). Black Sea Region took the lead with the highest average price of USD 6.89 (129.5) in beef carcass slaughter price among regions. The Black Sea Region was followed by the Central Anatolia Region with USD 6.82 (128.20 liras), the Aegean Region with USD 6.78 (127.4 liras), the Marmara Region with USD 6.77 (127.1 liras), the Southeastern Anatolia Region with USD 6.70 (125.9 liras), and the Eastern Anatolia Region and the Mediterranean Region with USD 6.65 (125 liras) in terms of beef carcass slaughter price.
Ukraine: Cattle Rabies Was Detected in a Farm in the Ivano-Frankivsk Region (Jan 3)
At the end of December, cattle rabies was detected in one of the farms of Kosiv city community of Kosiv district of Ivano-Frankivsk region. This was reported by the State Production and Consumer Service. Currently, a plan of measures for the elimination of rabies has been approved and the territory of the farm has been defined as an unfavorable zone hence quarantine restrictions have been imposed, and measures for the elimination of rabies have been initiated. In the center of the disease, all necessary measures are taken to localize the disease.
Mr. Apai Suthisang, Deputy Permanent Secretary of the Ministry of Agriculture and Cooperatives Farmers Welfare Committee Meeting No. 8/2022, whereby the meeting resolved to approve the adjustment of the project operation plan before the disbursement of the Marine Shrimp Farmers Liquidity Enhancement Program, 2022, Phase 1 of the Department of Fisheries. Helping farmers to implement projects: 1. The Southern Border Cowherd Project of the Department of Livestock Development, with a budget of USD 49.93M (1,57B baht). 2. The Cattle Raising Occupation Promotion Project of Ban Sao Ahulu Cattle Farming Community Enterprise, Sa Or Subdistrict, Rueso District, Narathiwat Province, with a budget of USD 108.22K (3.61M baht.) 3. .Cattle raising career promotion project of Ban Payo cattle breeding community enterprise, Katunong sub-district, Saiburi district, Pattani province, budget USD 93.75K (3.13M baht) Hoi, Ka Por District, Pattani Province, amount USD 82.88K (2.77M baht) 5. Cattle-raising Occupation Promotion Project of Barakat Cattle Farming Community Enterprise, Plong Hoi Subdistrict, Ka Por District, Pattani Province, amount USD 148.27K (4.95M baht)
Fresh Beef
US: Beef Exports Will Set a Record in 2023 (Jan 2)
US beef exports will set a record in 2023 as total sales are expected to reach USD 12B. While demand growth in China has played a significant role, Dan Halstrom, president and CEO of the US Meat Export Federation, said the US beef industry has seen widespread growth in global demand.
US: Quotes of Pork and Beef Fell on the CME Exchange (Jan 2)
From December 23 to December 30, the cattle and pork futures market on the Chicago Mercantile Exchange developed in the same direction. Although during the week the quotations of pork and cattle meat were not stable, by the end of the week they went down sharply and turned out to be lower than the values recorded as of December 23. In the middle of the week, on December 28, the CME Group saw a fall in livestock futures after rising on December 27.
US: Beef Export Value Sets Annual Record (Jan 6)
November beef exports totaled 115.78MT, down 6% from 2021 large volume, while export value declined nearly 20% to USD 846.6M. However, through the first 11 months of 2022, beef export value still increased 14% YoY to USD 10.9B, already topping the full-year record (USD 10.58B) set in 2021. January-November export volume was 1.36M MT, up 3% from the record pace of 2021. Through November, US beef exports already set full-year value records in several markets. This included South Korea and China/Hong Kong, where exports topped USD 2.5B and USD 2.4B, respectively. Export value also reached new annual highs in Taiwan, the Philippines and Singapore.
Ireland: Irish Cattle Price and Beef Market Forecast for 2023 (Jan 2)
The beef market outlook for 2023 remains broadly optimistic but this optimism is “surrounded by a fair degree of uncertainty”. That’s according to Bord Bia’s Beef Sector manager Mark Zieg. Giving his analysis of how beef markets are looking for 2023, Zieg said, “the European Commission forecasts that the EU beef herd will decline further” in 2023. He outlined that a 0.8% decline has been forecasted in the EU beef herd for 2023 and said “notable declines” in the number of finished beef cattle are forecast in many of Ireland’s key markets. Some of the key markets for Irish beef, which a decline in supply has been forecasted for 2023 are: France: -2%; Spain -2.3%; Italy -1.4%; the Netherlands -0.8%.
Ireland: Factories Must Recognize Breakeven Price for Finishers (Jan 3)
Factories have been warned that a reluctance to pay farmers breakeven prices in the first half of 2023 could result in a shortage of prime beef, as finishers opt to keep cattle until the spring. Chair of the Irish Creamery Milk Suppliers’ Association (ICMSA) livestock committee Des Morrison, said that factories must recognize the margin pressures that finishers are under and that USD 6.45/kg (€6) is now the breakeven minimum.
Ireland: China to Allow Return of Irish Beef (Jan 5)
Minister for Agriculture, Food and the Marine, Charlie McConalogue has announced the resumption of Irish beef exports to China. Beef shipments to China were suspended following the confirmation in May 2020 of an isolated case of atypical bovine spongiform encephalopathy (BSE). This isolated case did not enter the food chain and posed no risk to human health. Nevertheless, beef exports were immediately suspended as a precautionary measure in line with the bilateral protocol on trade agreed with the General Administration of Customs of China (GACC).
Ireland: Massive Opportunity in the Chinese Market Must See Higher Beef Prices (Jan 5)
Despite welcoming the reopening of the Chinese market to Irish beef, the president of the Irish Creamery Milk Suppliers’ Association (ICMSA), Pat McCormack has warned that the job is only “half done”. The development and growth of food exports to China must be a priority, however the ICMSA president questioned whether this “huge opportunity” would translate back into a return for farmers.
Mexico: Ranchers From Aguascalientes Join the Amparo to Prohibit the Importation of Argentine Beef (Jan 5)
Ranchers in Aguascalientes joined the amparo filed on December 8 by the Chihuahua Regional Livestock Union, in order to prohibit the importation of Argentine beef, arguing that it poses a health risk. Chihuahua will seek protection to suspend the importation of meat from Argentina In the Hidrocálida Regional Livestock Union, they recalled that the purchase of these products had already been suspended in 2001 by the Mexican authorities, when an outbreak of foot-and-mouth disease was detected in the South American country. On the other hand, José de Jesús Guzmán de Alba, president of the organization, explained to local media that Argentine meat is cheaper compared to the national one, which together with an oversupply, could lower prices in Mexico.
France: Calm Beef Trade and Stable Prices (Jan 6)
Large beef cattle, at the commercial level,2022 began with very low activity in the slaughterhouses, which for the most part have eliminated a day of work. Store orders are not there with stocks that have to be absorbed after the holidays, while pork promotions take up a lot of space in the communication of supermarkets. Manufacturers are very cautious because the second half of January is traditionally more complicated for sales because, after the end-of-year celebrations, household budgets are more complicated to balance. This will be even truer this year.
Brazil: Beef Export Volume Reached 152.7K MT in December 2022 (Jan 2)
On January 2, the Foreign Trade Secretariat (Secex) reported that the exported volume of fresh, chilled and frozen beef ended the month of December 2022 with 152.7K MT. Last year, the month of December ended with 126.8K MT in 23 working days. The daily average exported was 6.9K MT and registered an appreciation of 25.9%, compared to the observed in December of 2021, which was 5.5K MT. In the monthly comparison, the daily average in November 2022 was 7.4% and recorded a drop of 6.76%. The average price of beef in December was USD 4.95M/MT, which increased by 2.6% compared to data released in December 2021, in which average prices registered an average value of USD 4.83M/MT. The value traded for the product in December was USD 756.47M, given that the price traded during the month of December of 2021 was USD 612.38M. The daily average was USD 34.384M and recorded an appreciation of 29.10%, compared to that observed in December of 2021, which was USD 26.63M.
Brazil: Export Performance of Beef in 2022 (Jan 4)
Preliminary figures from SECEX indicated that in 2022 Brazilian exports of beef, pork and chicken increased by more than 9%, approaching 7.45M MT. In turn, foreign exchange revenue was about a third higher than in 2021, surpassing USD 23B. Reaching close to 2M MT, beef, with an increase in volume of practically 28%, was the one with the best performance in the year, since, in parallel with the increase in volume, it appreciated 17.52% in the average price, a performance that provided foreign exchange revenue almost 50% higher than in 2021.
Brazil: Domestic Supply and Demand Should Play a Greater Role in Beef Prices (Jan 5)
Foreign sales of beef, in 2023, should continue to influence domestic values, but domestic demand and, above all, the tendency to recover supply in the field tend to be important foundations for price behavior. Since 2019, the performance of Brazilian beef exports has been a preponderant factor in the formation of prices in the national beef cattle chain. In the case of foreign sales, China should continue to be the main destination for Brazilian beef, but the recent positions of the Asian country in the face of combating new cases of covid-19 and efforts to recover pork production may weaken the intense pace of international purchases.
Brazil: The Brazilian Chicken Meat May Lose Space to Beef (Jan 6)
Brazil has been the world leader in chicken meat exports since 2004 and holds 35% of this market. In 2021 alone, the country produced 14.3M MT of chicken meat. Of this total, 32% were exported to more than 150 nations, generating revenues of USD 7.6B, according to data from the Federal Government. Regarding Brazilian exports, the Rabobank report released last week predicts that they will remain on the rise. However, in the domestic market, chicken meat must compete for space with beef. One of the reasons is the strong appreciation of beef combined with lower purchasing power, which resulted in a 13% increase in per capita consumption of chicken meat over the last three years,” says the report.
Paraguay: Broke the Annual Record for Beef Exports (Jan 4)
The export of bovine meat from Paraguay in 2022 broke the record reached in 2021, with growth in volume and total turnover. Between January and December, Paraguay sold 333.70K MT of beef to the world for USD 1.72M, which represented an increase of 2.1% in volume and 7.7% in foreign exchange earnings. The average price of the exported ton grew 5.5%, from USD 4.89K/MT in 2021 to USD 5.16K/MT in 2022.
Argentina: Despite the Rise in Exports, the Domestic Demand for Beef Has Not Recovered (Jan 6)
The Argentine meat-packing industry exported 10.1% more during January and November 2022 in the YoY comparison, while in the local market the drop in demand for beef was accentuated, mainly due to prices. This was revealed by a report from the Chamber of Meat Industry and Commerce of the Argentine Republic (CICCRA), which specified that 825K MT of beef were exported during the analysis period. The invoicing for these sales abroad amounted to USD 3.24M, an amount that was 27.9% higher than the same period of 2021 and with an average price of USD 5.60K/MT. On the other hand, CICCRA warned that since August 2022 the meat processing industry faces a process of falling demand for beef, mainly due to prices and to a lesser extent due to volumes. Simultaneously, it indicated that the deterioration in the purchasing power of families translated into a slight drop in domestic consumption: all of this combined contributed to explaining the significant slowdown in the YoY rate of increase in the average price of live animals, which in the last twelve months registered an increase of 31.6% and a decrease of around 32% in relation to the general level of the Internal Wholesale Price Index (IPIM) prepared by INDEC.
Uruguay: China Shows More Buying Interest for Uruguayan Beef in W1 (Jan 5)
Uruguay exporters indicated that buying interest is perceived by Chinese importers, although with a cautious attitude in W1. In W1, there is a price pulling typical of the first days of the year, in which operators try to direct the market towards favorable prices for their business. During W1, price references for the shin & shank stood at USD 6.5-6.6K/MT, USD 4.5-4.6K/MT for chuck and blade, USD 5.5-5.6K/MT for round cuts, and USD 4.2-4.3K/MT for 90 VL, all CFR. In general, importers bid at lower prices, which makes operations difficult, for example, USD 3.6K/MT for cow quarters when the offering price is USD 3.9K/MT CFR as a floor.
The Minister of Productive Development, Nestor Huanca, warned on January 7 to prohibit the export of beef if the companies do not guarantee the internal market. In the morning of January 7, the authority reported that 22.56kg of the product arrived at the slaughterhouse in the city of El Alto for sale.
South Korea: Korean Beef Prices Need to Be Linked With Hypermarkets (Jan 4)
Compared to the rate of decline in Korean beef prices, the rate of decline in consumer prices is less than one-third, indicating that price interoperability with hypermarkets should be improved during a period of decline in Korean beef prices. The National Korean Beef Association's Korean Beef Policy Research Institute pointed out that solving the problem of linkage between wholesale and retail prices, in which the decline in wholesale prices of Korean beef is not well reflected in retail prices, is attracting attention as a major task for stimulating consumption. In fact, in W52 of 2022, the wholesale price of Korean beef fell 27.2% compared to the same month in 2021, while the consumer price of first-grade sirloin fell only 8.5% during the same period. In particular, it was found that wholesale price increases were actively reflected in retail prices during price rises, whereas retail prices were passively reflected during price declines. The price of Korean beef rose until September 2021 due to the increase in household consumption after the Corona 19 incident in January 2020, but then began to decline, especially after October last year.
Indonesia: Leaked Beef Prices Are Wilder in Early 2023 (Jan 2)
The price of beef in DKI Jakarta at the moment of Christmas and New Year is observed to be at a high price. According to the National Strategic Food Price Information Center, the price of beef in DKI Jakarta until the end of last year was USD 9.69/kg (IDR 148,350).This figure is higher than some time ago which was still at the level of USD 9.34- 9.54/kg (IDR 143,000-IDR 146,000). The price is predicted to rise again due to high demand without supply.
