Concerns about falling South Korean beef prices due to supply-demand imbalance

Published 2022년 11월 17일

Tridge summary

Dangjin city in South Korea is expressing concern over the potential further decline in Korean beef prices due to an imbalance in supply and demand. The city has observed a 6-9.2% increase in the amount of beef that can be shipped nationwide in the fourth quarter of this year compared to last year. The average wholesale price per kg of meat is expected to range from 18,500 to 19,000 won, but weak demand is expected to drive the decline in prices. The city has slaughtered 479 cows under the age of 40 months this year as part of a subsidy support project and plans to maintain a similar level of cow slaughter next year to address the imbalance.

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Original content

(Dangjin = Yonhap News) Reporter Jeong Chan-wook = Dangjin-si, Chungcheongnam-do, said that it is concerned that the price drop due to the imbalance in the supply and demand of Korean beef will deteriorate the management of livestock farms. According to the city of Dangjin on the 17th, the amount of Korean beef that can be shipped nationwide in the fourth quarter of this year has increased by 6-9.2% compared to last year, and the average wholesale price of meat per kg is expected to range from 18,500 to 19,000 won. It is expected that the decline in wholesale prices will increase due to weak demand. The average winning bid price of the recent Dangjin Livestock Cooperative Korean beef calf auction market fell 34% and 22%, respectively, from last year's average to 2.25 million won for a calf and 3.46 million won for a calf. In order to preemptively respond to the supply and demand imbalance of Korean cattle, the city slaughtered 479 cows under the age of 40 months through a subsidy ...

Source: Yna