FAO meat price index stable in May

The FAO Meat Price Index averaged 130.5 points in May, almost unchanged (up 0.1%) from its revised April value and 7.7 points (6.3%) above its level a year earlier. Higher quotations for bovine and ovine meat, alongside a modest increase in poultry meat prices, were almost entirely offset by a decline in pig meat prices.

International bovine meat prices rose further in May, supported by robust import demand, particularly from China, where import quota allocations continued to be rapidly utilized, and from the United States of America amid persistently tight domestic supplies. At the same time, ongoing herd rebuilding in several major producing countries continued to constrain exportable availabilities.

World ovine meat prices increased, as higher quotations in New Zealand, underpinned by limited supplies, were only partially offset by a temporary easing in Australian export prices, where dry weather forecasts prompted increased slaughtering, expanding exportable supplies.

Poultry meat prices edged up, as higher prices in Brazil, supported by firm global import demand, were partly offset by slightly lower quotations in the United States of America, reflecting ample supplies.

By contrast, pig meat prices declined, mainly due to lower prices in the European Union amid abundant supplies and subdued import demand.