INTERNATIONAL

Rabobank: Global beef quarterly Q2 2024

Beef

Cattle market prices continue to move along at two speeds, with North American markets tracking close to record highs while other markets remain more subdued.

Posted on Jun 20 ,00:10

Rabobank: Global beef quarterly Q2 2024

Changes in production and prices in different regions are starting to shift trade flows, with the US increasing import volumes while imports in major Asian markets remain relatively flat. Rabobank’s forecast for selected major beef producing countries shows Q2 global production is only just higher than in Q2 2023, but projected volumes in Q3 and Q4 2024 are expected to be down year-on-year.

We continue to monitor animal disease risks – such as avian influenza – in different locations due to their potential impact on global beef.

Climate and greenhouse gas (GHG) emissions remain at the forefront of sustainability discussions globally as reduction goals approach their deadlines and companies seek mitigation pathways. Thus far, the market has driven most climate-related disclosures in food and agribusiness (F&A) supply chains. We believe companies, governments, and industry will continue to prioritize GHG emissions accounting, although the specifics of some disclosure mandates will be challenged or adjusted. Increased regulatory action on climate has resulted in tensions between governments, producers, and corporates (e.g., farmer protests in the EU, legislative uncertainty regarding the US SEC ruling, and companies adjusting their ESG targets). This will most likely result in more focus and pragmatism on the core sustainability goals rather than slowing climate action and introducing reputational risk.

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