FAO Meat Price Index rose in May

The FAO Meat Price Index averaged 124.6 points in May, up 1.6 points (1.3%) from the revised April value and 7.9 points (6.8%) above its level a year ago. The increase was driven by higher international prices for bovine, ovine, and pig meats, which more than offset a decline in poultry meat quotations.

Ovine meat prices rose, driven by higher quotations in Oceania supported by strong global import demand, particularly from China, the Middle East and Europe.

Pig meat prices also increased, bolstered by strengthening global demand and sharply rising German export prices following the country’s regaining of foot-and-mouth disease free status.

Global bovine meat prices edged up to a new historical high, amid solid global demand and tight exportable supplies in major producing countries.

By contrast, poultry meat prices declined, weighed down by lower quotations in Brazil, where the detection of high-pathogenicity avian influenza on a commercial farm in mid-May led to import bans by several major importing countries, resulting in abundant surplus supplies and downward pressure on prices.