Beef production in Australia increased again in Q2 (April to June) 2014, in contrast to a decline in output reported by most major beef producers in the world.
Despite the decline in global production, exports by all major exporters increased in Q2, attributed to the strong international demand, led by the US. Australian beef exports to China have declined since May, however, remain at historically high levels.
Australian beef exports to Korea, Indonesia, the EU, Brazil and Saudi Arabia, increased year-on-year, while shipments to Japan and other South-East Asia subsided.
Driven by demand from major markets, beef exports by cut in Q2 had several shifts, with a higher proportion intended for grinding.
Looking forward, tight global supplies (including Australian), combined with firm demand, is likely to keep global beef prices high.
Read the full Red Meat Market Report: Composition of Australian beef exports - July 2014
Lamb production in Australia was steady in Q2 (April to June) 2014. At the same time, production in NZ reportedly declined.
Australian lamb exports increased 10% year-on-year in Q2, attributed to the strong international demand that was led by North America, the UK, China and the Middle East.
Increased shipments of leg and rack, particularly to the US were, apart from improved demand, also associated with the tighter supply from NZ.
Looking forward, expectations for tight global supplies (including from Australia) combined with strong international demand is anticipated to keep global lamb prices strong.
Read the full Red Meat Market Report: Composition of Australian lamb exports - July 2014
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