Beef prices under pressure due to foodservice closure
A change is consumption habits brought by the coronavirus outbreak in the EU is placing European beef prices under downward pressure. The closure of foodservice channels in most of the EU Member States forces producers around the bloc to turn high valuable products in minced meat to cover the demand from retail.
"Industry reports from Ireland suggest prices are currently under downward pressure. Ireland exports a large proportion of its beef production, with around a third of those exports destined for the foodservice market. Foodservice across Europe has been closed due to coronavirus, impacting on demand. The move out of foodservice and some consumers suffering a loss of income is also pushing demand to shift from high-value cuts towards mince and lower value cuts," reports Rebecca Wright, Analyst - Red Meat, AHDB.
Beef exports from Ireland to the rest of Europe are expected to continue, although perhaps at a lower volume and with mince and lower value cuts making up the majority. This will be impacting on overall carcase values and be having a knock-on effect on farmgate prices. At the same time, Ireland is receiving some pick-up in export demand from China resumed economic activity post-COVID-19, which should help to offset some of the lost European sales.
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