Oversupply and price decline of South Korean beef to continue

Published 2023년 3월 3일

Tridge summary

The Korea Rural Economic Institute and the Agricultural Research and Extension Services forecast a continued price decline in Korean beef due to an oversupply. The institute anticipates a 2-3% increase in the number of Korean cattle in March and June compared to last year, leading to a 9-10% increase in the number of cattle slaughtered in the first and second quarters. The number of breeding animals is expected to reach a record 3.57 million this year, but is predicted to decline to 3.47 million by 2024 and 3.352 million by 2025. Consequently, the number of slaughtered animals is projected to increase by 8.5% this year, reaching around 940,000, and is expected to surpass 1 million by next year, further exacerbating the oversupply and the downward pressure on beef prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As the oversupply phase of Korean beef begins, the price decline is expected to continue. Through observations in March, the Korea Rural Economic Institute predicted that the number of Korean cattle raised in March and June would increase by 2-3% compared to last year, and accordingly, the number of Korean cattle slaughtered in the first and second quarters would also increase by 9-10% compared to last year. . The number of breeding animals this year is expected to reach 3.57 million, the highest ever. Although the number of animals under one year old is decreasing, the trend of increase in the number of breeding animals is expected to continue due to the influence of fertile cows and the accumulated number of breeding animals. In the mid- to long-term, the number of breeding animals is expected to decline after reaching a record high this year. It starts to decrease to 3.47 million next year and is expected to reach 3.352 million by 2025. The Agricultural Research and Extension ...

Source: Aflnews