Please find below AMIC’s monthly industry economic update.
Key takeaways from the data:
- Data released in August showed increased meat production in beef, lamb and pork. Beef production remains well below the long term average, while June quarter lamb production is within the normal range, and pork reached a new production high.
- Export prices grew for beef (11%) and lamb (14%) reflecting a consistently strong global demand relative to supply, while unexpectedly high Chinese pork production in the June quarter put downward pressure on global pork prices, which was reflected in a 1% decrease in Australia’s average export price.
- The increased beef export prices were reflected in higher cattle prices (4%) and beef retail prices (7%). Lamb livestock prices (+3%) and retail prices (+1%) were flatter but remain at or near record highs. For pork, the higher production and lower international prices were reflected in lower livestock prices (–6%) retail prices (–1%).