November 2024 Outlook Report: Meat

Frozen Chicken Feet Other Fresh Pork Cuts Fresh Pork Ham & Shoulder Fresh Bone-In Beef Fresh Boneless Beef Other Frozen Beef Parts Other Frozen Pork Cuts Frozen Boneless Beef Frozen Bone-In Beef Frozen Chicken Cut Lamb Frozen Pork Ham & Shoulder Frozen Whole Chicken Fresh Whole Beef Meat Argentina

Trade4go

Nov 15th, 2024

- Key Indicators: Global freight prices averaged USD 3,521.60 per 40-foot container in Oct-24, a significant 27.19% month-on-month (MoM) decrease. The drop was primarily due to an early end to the typical peak shipping season. Meanwhile, the Food and Agriculture Organization (FAO) meat price index averaged 120.44 points in Oct-24, a 0.26% decline from Sep-24’s 120.75 points. - Beef: In Nov-24, beef prices across key markets are expected to remain strong due to limited supplies and sustained demand. In the United States (US), prices are projected to continue rising, driven by restricted exportable supplies. Brazil’s beef export prices are also likely to stay high as global demand remains strong amid a limited number of cows available for slaughter. Similarly, Australian beef prices are expected to remain elevated, supported by robust US demand. In the European Union (EU), supply constraints are anticipated to keep beef prices elevated throughout the month. - Poultry: Chicken prices in the US are expected to remain subdued in Nov-24, primarily due to competitive pressures and limited market access following the avian influenza outbreak. In contrast, Brazil’s chicken export prices are anticipated to stay elevated, supported by strong global demand. Meanwhile, EU poultry prices are likely to continue rising, driven by increasing consumer demand for poultry products. - Pork: Pork prices in the US are expected to decline due to increased exports amid weak global demand. In contrast, Brazil’s pork export prices will likely continue rising, driven by limited domestic supply. Meanwhile, pork prices in the EU are projected to remain subdued as ample market supplies meet sluggish domestic demand. - Lamb: Lamb prices in Australia are expected to stay elevated in Nov-24, supported by strong global demand despite reduced imports from China. In New Zealand, lamb prices are projected to continue increasing, driven by anticipated lower lamb slaughter volumes for the 2024/25 season and bolstered by strategic marketing efforts targeting China and Middle Eastern markets.