International livestock product market situation in March 2024

Pork Fat
Market & Price Trends
Published Apr 16, 2024

Tridge summary

In early 2024, the global meat market experienced varied trends, with the U.S. and Brazil seeing an increase in pork production and exports, despite a decline in exports to China. U.S. pork prices rose in March, alongside EU price rebounds and a drop in Brazilian prices. Poultry production in the U.S. increased, though exports declined, contrasting with Brazil's growing chicken exports. Beef production in the U.S. increased, but exports fell, unlike Brazil and Australia, which enjoyed rising beef exports, especially to China. Australian lamb exports reached a record high, primarily due to increased shipments to China. The FAO meat price index indicated an overall rise in meat prices in March 2024, driven by higher poultry, beef, and pork prices, while mutton prices decreased. Global food prices in March showed mixed trends, with meat prices generally increasing due to demand, dairy prices rebounding, and a forecast for meat prices to slightly rise in the second quarter of 2024.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(I) Pork Production: In February, the U.S. pork production was 1.058 million tons, an increase of 8.6% year-on-year. Trade: In February, exports from the U.S. and Brazil both increased year-on-year. From the U.S., pork exports were 269,000 tons, a year-on-year increase of 17.7%. Among them, exports to China were 14,000 tons, a year-on-year decrease of 29.4%. From Brazil, pork exports were 93,000 tons, a year-on-year increase of 20.5%. Among them, exports to China were 26,000 tons, a year-on-year decrease of 16.0%. Price: U.S. pork prices continued to rise. In March 2024, the average wholesale price of pork cuts was US$1.97/kg, a month-on-month increase of 3.5% and a year-on-year increase of 10.2%; converted at the exchange rate of the same period, the wholesale price of pork cuts in March was 14.65 yuan/kg. EU pork prices rebounded from the decline, but remained at a low level. In March, the EU pork price was 17.05 yuan/kg, up 5.9% from the previous month and down 0.5% from the ...
Source: Foodmate
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