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Record global supplies to challenge beef prices in 2017
Record global supplies to challenge beef prices in 2017
Increasing global beef supplies are exerting downward pressure on global beef prices, with this trend expected to continue into 2017, according to Rabobank’s latest beef outlook.
In its recently-released Beef Quarterly report, Rabobank says the global beef market will continue to grow in 2017, led by strong growth out of Brazil, Argentina and the US.
This is likely to keep global prices low, the report says, identifying four key developments that will influence global beef trade in the coming year.
Report co-author Rabobank animal proteins analyst Matthew Costello says softening global prices are likely to challenge New Zealand beef prices.
“In the coming months, New Zealand cattle prices will be largely influenced by how quickly domestic cattle supplies come on-line,” he says. “However we expect New Zealand farmgate prices to come under increasing pressure as we move further into 2017.
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