DROUGHT in the US is set to be great news for Australian beefexports and local cattle prices by next year, despite uncertain economic times hindering global demand in the near future. Despite short term obstacles like the high Australian dollar, a bulge in US drought-induced herd slaughter rates and global economic insecurity, beef’s longer-term market prospects were literally “bullish”, said Rabobank animal protein market specialist, Wendy Voss. The bank’s latest Beef Quarterly report, co-authored by Ms Voss, has forecast a notable upturn in demand for the second half of 2012. Cattle prices within Australia are tipped to hit record highs later next year as overseas markets shift from a summer supply bulge - primarily caused by the US where herds are being culled due to severe drought - to materially lower supplies.
November 19, 2020 08:30 PM
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