FAO meat price index down in November

The FAO Meat Price Index averaged 124.6 points in November, down 1.0 point (0.8%) from its revised October value, while remaining 5.8 points (4.9%) above its level a year ago. The monthly decline continued to be driven by lower pig and poultry meat prices, while bovine meat quotations remained broadly stable and ovine meat prices increased.

Poultry meat quotations fell as Brazil’s export values declined amid abundant exportable supplies and stronger global competition. This drop was compounded by efforts to regain market share following the lifting of high pathogenicity avian influenza (HPAI)-related trade bans by key importing countries, including China, which removed its restrictions in early November.

Pig meat prices also eased, mainly due to lower quotations in the European Union amid ample supplies and subdued demand, particularly from China, after the introduction of import duties in early September.

Meanwhile, the removal of tariffs on beef imports into the United States of America tempered the upward price pressure, especially on Australian products, as major exporters sought to maintain their competitiveness, leaving global bovine meat prices largely stable.

By contrast, ovine meat prices increased, underpinned by solid global import demand.