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The FAO Meat Price Index - February 2021

The FAO Meat Price Index* averaged 96.4 points in February, up 0.6 points (0.6 percent) from January and marking the fifth consecutive monthly increase, but still 4.1 points (4.0 percent) below its level in the corresponding month last year. In February, international price quotations for bovine and ovine meats rose mostly on tight supplies in key producing regions, further accentuated by lower processing in Oceania due to the sustained demand for herd rebuilding. By contrast, pig meat quotations fell, underpinned by reduced purchases from China amidst heavy oversupplies and a rise in unsold pigs in Germany due to the continued ban on exports to Asian markets. Reduced purchases by China also weighed on global poultry quotations, notwithstanding the winter storm-related supply disruptions in the United States of America.

* Unlike for other commodity groups, most prices utilised in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times, require significant revisions in the final value of the FAO Meat Price Index.

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