January 2025 Outlook Report: Meat

- Key Indicators: Global freight prices averaged USD 3,634.40 per 40-foot container in Dec-24, a 2.42% month-on-month (MoM) increase. This rise is attributed to increased pre-Lunar New Year (LNY) 2025 demand, frontloading in anticipation of the now-averted International Longshoremen's Association (ILA) port strike slated for Jan-25 and expected tariff hikes. The Food and Agriculture Organization (FAO) meat price index averaged 119.04 points, reflecting a 0.41% MoM increase, driven by rising beef and lamb quotes.

- Beef: Beef export prices are expected to remain high through Jan-25, driven by tight supplies and robust demand. In the United States (US), supply constraints will sustain elevated prices, while Brazil’s prices will rise on strong demand and emerging trade opportunities. Similarly, European Union (EU) prices are projected to climb further, supported by solid domestic and export demand.

- Poultry: Poultry export prices are anticipated to stay elevated in Jan-25, driven by strong demand across key markets. US prices remain high despite export challenges, while Brazil's record-breaking growth sustains profitability. EU prices will also stay elevated, though high production costs may limit export competitiveness.

- Pork: The strong US dollar and high production is expected to keep US pork export prices low in Jan-25. Meanwhile, Brazil’s pork export prices are expected to stay high, driven by strong demand and favorable trade deals. EU prices are likely to remain low due to oversupply.

- Lamb: New Zealand’s shift from China to higher-price markets like Europe and North America is expected to keep export prices elevated. In Australia, strong demand and limited supply will also support high lamb export prices through Jan-25.