The FAO Meat Price Index averaged 127.9 points in August, up 1.2 points (1.0 percent) from its revised July value and close to its level a year ago. The increase reflected higher poultry, pig and ovine meat prices, which were partly offset by lower bovine meat quotations. International poultry meat prices rose, reflecting a rebound in Brazilian export prices amid strong global import demand. Pig meat quotations also surged, principally driven by higher prices in the European Union, where high temperatures continued to slow animal growth, limiting the availability of slaughter-ready pigs. The increase was partly offset by lower Brazilian prices amid ample supplies. Ovine meat prices increased on firmer quotations in New Zealand, underpinned by persistently limited export supplies and strong global import demand. By contrast, international bovine meat prices declined. With Brazil’s allocation under China’s beef safeguard import quota nearing full utilization, exports slowed further amid prospects of higher tariffs on additional shipments, while Australia had already reached quota thresholds in China and the Republic of Korea. This intensified competition for alternative destinations, exerting downward pressure on export prices in both countries.

* 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.

 

Meat price indices
(historical series in xls)