LMC Report: Higher Global Beef Prices In 2010

UK - The latest Food Outlook report released by the UN Food and Agriculture Organisation (FAO) states that global meat prices have increased sharply this year, partly due to constraints in the global supply of beef and lamb.
calendar icon 18 June 2010
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These are trends that are mirrored in the NI sheep industry, but are not necessarily reflected in the local beef sector.

The Food Outlook report, which is produced twice annually, found that on a global basis, overall meat prices were 12 per cent higher in the first quarter of 2010 compared to the same period in 2009. These increases were driven partly by the rising price of beef, with prices up by 14 per cent over the period concerned.

The report found that beef production was constrained by lower cattle numbers in most large beef producing countries (except some in South America), and it anticipated that there will be some stagnation in global production this year, with aggregate output forecast to reach 64.9 million tonnes - only up slightly on last year’s figure of 64.7 million tonnes.

Aggregate beef production is expected to expand in South America this year, with higher slaughterings in Brazil, Paraguay and Uruguay. Increased beef output is also forecast for India due to increased slaughtering of the buffalo herd. Otherwise however, production is forecast to be reduced in the other large beef producing countries such as the USA and Argentina.

Output in the US is expected to fall by one per cent this year.

Further Reading

- You can view the full report by clicking here.

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