The May-July average price of EU beef decreased by 1% against the previous average (Feb-Apr), due to lower exports and domestic demand amid the coronavirus pandemic. EU 2020 beef and veal production is estimated to reach 7.1m tonnes (CWE), down 2% y-o-y, as a result of smaller breeding herds, low store cattle, and a decline in slaughtering.
Meanwhile, the three-month average price of US beef (May-Jul) decreased seasonally (-6%) compared to the previous quarter (Feb-Apr), on the back of a large volume of market-ready cattle available for slaughter, and weak demand from the foodservice sector, particularly from restaurants. Also, H2 2020 production is likely to rebound on the back of a faster slaughter pace (compared to H1 2020), combined with higher dressed weights. However, US beef consumption in 2020 is estimated to drop by 1% y-o-y.
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.