FAO meat price index up in February

The FAO Meat Price Index averaged 126.2 points in February, up 1.0 points (0.8%) from its revised January value and 9.4 points (8.0%) above its level a year earlier. The increase was largely driven by higher world bovine and ovine meat prices, while poultry and pig meat quotations registered only marginal upticks.

Ovine meat prices climbed to a new record high, underpinned by limited exportable supplies from Oceania – the main source of global exports – amid steady global demand.

Bovine meat quotations also increased, supported by robust buying interest from China and the United States of America, which sustained export prices in leading suppliers, notably Australia and Brazil.

Pig meat prices edged up slightly in the month. Higher quotations in the United States of America, reflecting firm international demand, were partially offset by lower export prices in Brazil due to ample supplies. In the European Union, prices stabilized as earlier holiday-related slaughter backlogs that contributed to a sharp decline in the previous month were largely cleared.

Poultry meat prices rose marginally, with firm import demand in several markets partly counterbalanced by ample supplies in key producing countries, limiting upward price pressure.