Beef prices to remain strong
Beef is in demand in most parts of the world, as the reopening of the foodservice sector in many countries is supporting higher figures in beef consumption. " Figures for China indicated foodservice sales in March were higher than in January 2020, and foodservice sales in the US for April were just below January 2020 numbers. The continued reopening of foodservice should support ongoing demand for beef. On the flip side, low labor availability is starting to restrict operations at some plants, especially in the US", considers Angus Gidley-Baird, Rabobank's Senior Analyst - Animal Protein.
Strong demand and limited supplies are driving cattle prices to record levels. The Rabobank Seven-Nation cattle price index shows finished cattle prices across all regions – except Uruguay and New Zealand – rose through March and April. Meantime, a ban on beef exports imposed by the Argentinian government may increase demand from China, as the South American country has a 22% share in the Chinese market.
Ireland is currently trying to re-open the Chinese beef market as exports have been suspended after an atypical case of BSE was reported in May last year on an Irish farm. Also, imports from some of the suppliers in Europe such as Belarus, Russia, Serbia, Hungary, Lithuania and Ukraine have increased this year by almost 400%, to a cumulative volume of 2,993 tonnes, according to Beef To China.
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