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November Outlook: Meat & Seafood
Fresh Whole Atlantic Salmon
Brazil
Rene Salinas
Published Nov 3, 2023
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•US beef prices remained strong through Oct-23, experiencing the second-highest monthly average price in at least five years. Prices are expected to remain elevated. Meanwhile, beef prices in Europe traded flatly but remained near last year’s levels and with a significant gap compared to recent history. Seasonality favors higher prices in the upcoming months. On the other hand, prices in Brazil remained mostly unchanged but trading below last year’s levels, as production remains high.
•Poultry prices remain mostly subdued in Brazil and China compared to last year but remain above their three-year average levels. Brazil is facing a high meat supply and expecting further downside in prices due to this development. China’s prices remain mostly unchanged. Lower domestic production and consumption in 2024 are expected to have a null net effect on prices.
•As of mid-Oct-23, Norwegian fresh Atlantic salmon export prices were 11% higher than the previous month, hitting three-week highs. On a YoY basis, prices remain 19% higher. Looking ahead, salmon prices are expected to begin substantially increasing by the end of November and reach a multi-month peak during the last week of the year.
•India’s shrimp prices declined from September’s six-year high but remain well above last year’s and the three-year average level. This is on the back of expected lower domestic production. Meanwhile, Spanish prices rose to fresh six-month highs, boosted by the prospects of lower production ahead.
•Poultry prices remain mostly subdued in Brazil and China compared to last year but remain above their three-year average levels. Brazil is facing a high meat supply and expecting further downside in prices due to this development. China’s prices remain mostly unchanged. Lower domestic production and consumption in 2024 are expected to have a null net effect on prices.
•As of mid-Oct-23, Norwegian fresh Atlantic salmon export prices were 11% higher than the previous month, hitting three-week highs. On a YoY basis, prices remain 19% higher. Looking ahead, salmon prices are expected to begin substantially increasing by the end of November and reach a multi-month peak during the last week of the year.
•India’s shrimp prices declined from September’s six-year high but remain well above last year’s and the three-year average level. This is on the back of expected lower domestic production. Meanwhile, Spanish prices rose to fresh six-month highs, boosted by the prospects of lower production ahead.
Table of contents
Part I: Key Indicators
Part II: Meat
◘ Beef
◘ Poultry
Part III: Seafood
◘ Fresh Atlantic Salmon
◘ Frozen Shrimp
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