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Meat Market Update - November/December 2023

Beef

 

Demand for Australian beef remains strong both for export and domestic consumption, with Australia’s beef exports hitting a five year high in 2023.

Beef exports to the USA increased by 84% in 2023, a trend which is expected to continue into 2024 as the USA continues their period of herd rebuilding following significant drought conditions over the past 3 years.

The increasing demand for Australian Beef from the USA is expected to continue putting pressure on supply.

Australia’s domestic beef consumption continues to be amongst the highest in the world at approximately 23.7kg per capita, with the global average being 6.3kg.

National beef processing numbers are expected to increase over the coming weeks, with processing facilities reopening after Christmas & New Year closures.

Our Riverina Angus Rumps & Striploins continue to be a popular choice within the MOCO range.

       

Lamb

Throughout last year, forecasts for a El Nino weather event in 2024 resulted in many lamb farmers & producers destocking their farms to avoid shortages of feed due to drought-like conditions.

However, with recent rain along the East Coast, many farmers & producers have started to hold onto their stock to take advantage of the abundant feed.

As a result, this has put pressure on availability of lamb with some restocking of bodies beginning to occur at the farm level.

Over the coming months, reductions in processing throughput are expected to contribute to the tightening in the lamb market, as processors work through shortages of bodies.

Demand for lamb also remains strong, particularly for our Sovereign Lamb Legs and Oyster Cut Shoulders.

Pork

In December we experienced strong demand across most pork primal cuts driven by the traditional Christmas uplift, and continued strong demand for pork heading into Chinese New Year is expected.

Recent weather events have impacted access to pig supply and boning numbers, putting pressure on pork availability. It is expected after the Australia Day short week, production levels will start to normalise.

Increasing demand particularly for bellies and collar butts is expected to continue through the first quarter of 2024, with particularly strong demand from Singapore maintaining pressure on availability.

The introduction of the Barkers Creek Cooked Pork Riblets to the MOCO pork range continues to be a popular option for customers.

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