The Feb ’22-Apr ‘22 average price of EU beef increased by 10% against the previous 3-month average (Nov ‘21-Jan ’22), to EUR 4,695/MT, on the back of tight cattle supplies across the EU. According to the European Commission’s (EC), EU beef production is estimated to decline by 0.9% in 2022, due to continuing structural adjustments in the beef and dairy sectors.
The three-month average price of US beef (Feb ’22-Apr ‘22) increased by 4%, compared to the previous quarter (Nov ‘21-Jan ’22), to USD 4,935/MT, due to larger year-on-year (y-o-y) shipments to China, South Korea, and Taiwan. The persistent drought in the US resulted in a higher cattle slaughter rate at lower carcass weight in Q1 2022. Therefore, US beef output significantly declined in Q1 2022, leading to higher beef prices.
From economical to political, all the factors impacting the beef market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions. Please visit our Mintec Analytics platform to find out more.