Beef

Class A carcass prices are expected to trade sideways with some scope for increases as exports gain momentum. This growth will however be underpinned by effective disease control.  After decreasing significantly at the end of Quarter 2 due to hot and dry conditions affecting feed prices and grazing conditions, class C and weaner calf prices are also expected to stabilise over the coming months.

Mutton

Local carcass prices have recovered somewhat from the lows seen during the first quarter of the year. As with beef, this is largely driven by higher export prices with the local consumer landscape providing limited scope for significant price increases. Seasonally prices usually increase during the winter months as exports to the Middle East peak. This, combined with a lower trending supply out of Oceania (into the Middle East) could support prices over the coming months.

Pork

We expect prices to trade sideways during May and June and start increasing during July. This is underpinned by seasonal factors and considerations around profitability pressures which could have induced increased slaughters during the first months of 2024. This will likely result in reduced supply during the rest year and will support prices.

Poultry

We expect chicken prices to move sideways over the next three months. Higher global prices combined with higher input costs (such as feed) would provide scope for upward price trends. This should however be seen in a broader context of the limited capacity of consumers to absorb further price increases.