May Outlook Report - Meat and Seafood

•Beef prices in the US and Europe remain near their previous highs and are expected to remain elevated due to local supply constraints. Brazil’s prices are expected to increase on renewed demand from China, after an export ban ended in late March.
•Poultry prices mostly eased throughout April as fear over Avian-flu potential disruptions eased, input prices continue to fall and global production continues to grow.
•Fresh Atlantic salmon prices in Norway, the largest exporter of this product, remain considerably high due to supply constraints. Prices will continue to be supported by this development through the rest of the year, but the upside is limited due to inflationary pressures on consumers.
•As expected, shrimp prices have mostly eased globally, and the outlook for upcoming months is mainly bearish as global supply continues to increase faster than demand. Strong competition within the world’s two major shrimp exporters, Ecuador and India, is adding further downward pressure on prices.