September Outlook Report: Meat and Seafood

• Beef prices in Europe accelerated their YoY decline pace despite lower production, indicating that demand continues to decline at a sharper rate. Prices in Brazil remain pressured down by high meat availability and lower demand from China. On the other hand, prices in the United States (US) strengthened in monthly terms and remain considerably elevated compared to last year on strong demand and ongoing expectations of lower production ahead. • Poultry prices continued to edge lower in Brazil as overall high domestic meat supply continues to exert downward pressure. China’s prices remain practically unchanged. • Fresh Atlantic salmon prices in Norway resumed their decline in August in accordance with their seasonal trend. Nonetheless, in annual terms, prices remain at a positive double-digit gap, contrasting with June’s numbers, which suggested much more weakness. • Shrimp prices in Spain continue falling on ample global supply and subdued demand, while India’s remain somewhat stronger than three months ago but considerably below the highs seen earlier in the year. Supportive of India’s prices and suggesting narrowing downside room ahead is the expectation of production cuts, as negative margins disincentivize further output.