The Nov-Jan average price of EU beef increased by 4% against the previous average (Aug-Oct), on the back of rising global exports, particularly to China. The demand for cattle and cows is generally higher in the spring, as forage production begins to accelerate, keeping the prices firm in the first half of the year.
The average price of US beef rose 11% q-o-q following the seasonal trend. Besides, an increase in exports from the US to Hong Kong, Taiwan and China (mainland) drove prices up in the recent quarter compared to the previous quarter. US beef production in 2020 is estimated to reach 12.5m tonnes CWE, a steady increase on 2019 production. Additionally, 2.1million head of cattle were placed in feedlots rather than letting them feed on the winter pastures in November 2019, thus generating higher beef production in the Q2 2020.
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.