April Outlook Report - Meat and Seafood

Beef prices in the US and Europe are expected to remain high due to local supply constraints. Brazil’s prices are expected to remain high due to renewed demand from China, and decreasing supply in the domestic market. Poultry prices around the globe are being pressured up by Avian flu supply disruptions and fear of further ones. Fresh Atlantic salmon prices remain considerably high due to supply constraints. Norway, the largest exporter of this product, recently reported lower biomass. Prices will continue to be supported by this development through the rest of the year, but upside is limited due to inflationary pressures on consumers. Shrimp prices reached multi-month highs in recent months due to an uptick in demand, but the outlook for upcoming months is mostly bearish as global supply continues to increase faster than demand, which has the risk of declining if inflationary pressures creep up to consumers.