Saturday, April 27, 2024

Aussie beef prices to stay high, Rabobank

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Australian beef cattle prices were expected to remain strong during the next 12 months, according to Rabobank.
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Releasing its Beef Quarterly report, it said strong cattle prices were expected to continue as producers rebuild the national herd after three years of heavy culling due to dry conditions affecting many areas of the country.

“The shortage of cattle and the promise of improved seasons have producers eager to start the restocking process, however, they are cautiously waiting for a strong indication that seasons will improve,” the bank said.

Report author Angus Gidley-Baird said the national beef cattle herd had fallen by about three million head from an estimated 29-30 million in 2013.

That meant Australia had difficulty supplying its key markets of the United States, China and Japan.

Beef exports to the United States had fallen 54% in the past year, while the Chinese and Japanese markets had fallen 47%.

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