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Beef cattle market (Baptiste Buczinski)
Welcome to our Market Outlook report, where we delve into the most recent developments in the cattle and beef market across Europe, Brazil, China, and the USA. Our analysis is based on extensive data, aiming to keep you up-to-date with the latest trends. Come along as we explore the intricacies of the beef industry, discussing both the hurdles and prospects that shape its ever-changing landscape.
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GLOBAL RESULTS: BEEF PRICE MARKET RESULTS
At the start of 2024, beef prices have risen in the U.S., Brazil and the EU. In China, prices are still under pressure due to an economic downturn.
WHAT IS THE CURRENT MARKET PRICE FOR BEEF CATTLE IN EUROPE?
Demand for beef (especially female cattle) was quite good at the beginning of 2024. In January 2024, prices remain strong or are higher in major EU countries.
BEEF PRICE MARKET OUTLOOK IN USA
In January, the average price of fed steers increased (+11% vs. January 2023 and +3% vs. December 2023). According to the USDA, the price forecast for 2024 should be slightly higher (+2% vs. 2023). The total number of cattle and calves in January 2024 was estimated at 87.157 million heads (-1.7 million heads or -2% vs. 2023). According to USDA, this confirms historically tight cattle supplies heading into 2024. Fewer calves are available for placement in feedlots than last year.
WHAT IS THE CURRENT MARKET PRICE FOR BEEF CATTLE IN BRAZIL?
In 2023, according to CEPEA and IBGE, supply from cattle ranchers exceeded demand from meatpackers, causing prices to fall throughout the year. At the beginning of this year, the situation is quite different and prices have risen.
MARKET BEEF PRICE IN CHINA
Beef prices remained under pressure in China at the beginning of the year. In US$ terms, average beef prices were down in January 2024 (-21% vs. January 2023 and -5% vs. December 2023) due to a decline in consumption. According to some observers, this could be a symptom of an economic downturn in China.
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