Rabobank predicts cattle and beef prices to remain high in 2014
21/01/2014
It said: “The main question in many regions remains where to source sufficient beef supplies. Global beef production will increase only slightly and is expected to decline sharply in key markets like the US.”
Rabobank explained that new US country of origin labelling legislation passed in November will affect supplies there. It said this legislation has already led to an announcement from Tyson that it will no longer accept cattle raised and fed in Canada.
The bank’s analysts expect China’s importance and influence on the global beef market to continue to expand in 2014. China’s imports of frozen and chilled beef are expected to increase further, driven by a shortage of beef in the domestic market, reflected in record high retail prices. “Rabobank forecasts that the value of the Chinese markets will grow in excess of 10% annually over the next three years,” the report said.
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