FAO Meat Price Index

The FAO Meat Price Index averaged 125.5 points in October, down 1.6 points (1.2 percent) from September, while remaining slightly above its year-earlier level. Quotations declined for pig, ovine and bovine meat, while poultry meat prices remained broadly stable. Pig meat prices decreased, led by lower quotations in the European Union, where abundant supplies and limited export opportunities continued to weigh on the market amid subdued international demand. Ovine meat prices retreated further from record highs, as larger seasonal supplies in Australia exerted downward pressure, reinforced by currency movements. Nevertheless, overall export availability remained tight, keeping quotations well above year-earlier levels. Bovine meat prices eased slightly, reflecting lower Australian quotations amid intensified competition in global markets, although reduced market offerings, as widespread rainfall encouraged cattle retention, provided some support to prices. Meanwhile, Brazilian quotations remained broadly stable, as tighter export availabilities and stronger demand from the United States of America offset weaker buying interest from China. Poultry meat prices were little changed, with steady international demand balancing ample global supplies. In Brazil, export quotations were largely unchanged despite import restrictions imposed by some trading partners following Newcastle disease outbreaks first detected in the state of Santa Catarina on 18 October, with regionalization arrangements with major trading partners helping to limit trade disruptions.

* 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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