Global beef production to decline by 1% in 2023

The global meat industry continues to be a "two-part story" with continued strong consumer demand in the US accompanied by tighter cattle and beef supplies, as well as high inventory levels and weak demand in Asia, Rabobank said. Rabobank published its assessment in its latest quarterly Global Beef report, which covers the fourth quarter of this year. Southern Hemisphere meat markets continued to see output growth, the company added, driven by gains in Brazil and Asia, but not enough to offset declines in Europe and the United States. Beef production in the markets tracked by Rabobank is expected to decline by 1% year-on-year through 2023, with the group adding that it expects 2024 to play out “similarly.” Rabobank also noted persistently high cattle prices in North America, contrasting with lower prices in the Southern Hemisphere. Thus, prices for cattle in Australia have decreased significantly, showing a fall of 28% since June. Meanwhile, New Zealand and Brazil also saw ...