June 2024 Outlook Report: Meat

- Key Indicators: Global freight prices jumped 27.42% in May-24 to USD 3,089.22. This increase results from unseasonal increases in demand for ocean freight out of Asia. The global meat price index experienced a slight decline in May-24, though it has generally trended upward throughout the year. This month-on-month (MoM) decrease was mainly driven by lower poultry and beef prices, resulting from increased exportable supplies amid sluggish demand. - Beef: Beef prices in the United States (US) are expected to continue rising in Jun-24 due to domestic supply constraints. In Australia, beef prices are anticipated to rebound, driven by strong import demand from the US. Meanwhile, beef prices in Brazil are expected to remain relatively stable due to the high availability of exportable supplies. In the European Union (EU), beef prices are forecasted to stabilize but remain elevated in Jun-24. - Poultry: Chicken prices in the US are expected to continue trending downwards due to reduced marketability and price competitiveness. In Brazil, chicken export rates are anticipated to remain relatively stable, supported by increased exportable supplies and sluggish domestic demand. In the EU, chicken prices are likely to ease in Jun-24 but will remain elevated compared to pre-pandemic levels due to an expected increase in production. - Pork: Pork prices in the US and Brazil are projected to continue rising in Jun-24, driven by robust global demand and concerns about feed availability and costs in 2024. Additionally, beef prices in the EU are expected to increase due to concerns about pork supply availability and the typical rise in demand during summer. - Lamb: Lamb prices in Australia are expected to continue rising, driven by strong global demand and anticipated supply tightness in the coming months. In New Zealand, lamb prices are predicted to remain stable in Jun-24, supported by high global demand and sufficient exportable supplies.