July 2024 Outlook Report: Meat

- Key Indicators: Global freight prices jumped 38.60% in Jun-24 to USD 4282.67, rising more than USD 1,000 MoM. This increase results from an early start to the ocean peak season, high global port congestion along with continued disruptions in the Red Sea. The FAO global meat price index witnessed a slight decline in Jun-24, mainly due to a drop in poultry meat prices. This decrease was nearly balanced by moderate to slight increases in the prices of lamb, pork, and beef. - Beef: Beef prices in the United States (US) are expected to continue rising in Jul-24 due to domestic supply constraints. In Australia, beef prices are anticipated to remain high and relatively stable, bolstered by strong demand from the US and reduced competition from other markets. Meanwhile, beef prices in Brazil are expected to remain low and relatively stable due to the high availability of exportable supplies. In the European Union (EU), beef prices are forecasted to stabilize, supported by easing inflation. - Poultry: Chicken prices in the US are expected to continue trending upward due to growing demand, particularly from newly opened markets. In Brazil, chicken export prices are anticipated to remain relatively stable, supported by increased exportable supplies and sluggish domestic demand. Meanwhile, chicken prices in the EU will likely continue rising, driven by increasing demand due to its cost-effectiveness and reduced competition from imported products. - Pork: In the US and Brazil, pork prices are projected to continue rising, driven by robust global demand and sufficient exportable supplies. Additionally, pork prices in the EU are expected to increase due to supply tightness, concerns about supply chain disruptions from the recent African Swine Fever (ASF) outbreak in Germany, and the seasonal rise in demand during the summer. - Lamb: Lamb prices in Australia and New Zealand are expected to continue rising, driven by strong global demand and anticipated supply tightness in the coming months.