October Outlook Report - Meat and Seafood

•US beef prices reached a fresh three-month high due to slower cattle slaughter. Prices are expected to remain elevated. Beef prices in Europe recovered due to seasonality, and while remaining below 2022’s levels, their gap compared to the five-year average remains high. On the other hand, prices in Brazil remained mostly unchanged but trading below last year’s levels, as production remains high, and domestic and Chinese demand has eased.
•Poultry prices remain mostly subdued in Brazil and China. In Brazil, overall meat supply remains high, and prices haven’t received considerable upward pressure from external demand. Global prices, which in turn have eased due to lower production costs in many areas, are also having an effect.
•In Sept-23, Norwegian fresh Atlantic salmon export prices declined by 1% compared to the previous month, hitting a 10-month low. However, this drop aligns with the usual seasonal price trend. On a yearly basis, prices remain 20% higher. Looking ahead, salmon prices are expected to increase in October and earn further gains in November and December.
•India’s prices started a recovery led by production cuts and further lower supply expectations. Producers’ margins with current global prices seem unsustainable, thus further reductions in the global supply are expected in the upcoming months. This will eventually translate into higher global prices.