FAO Meat Price Index is 6% below June 2019
Global meat prices have dropped by 0.6% in June compared with the previous month and are 6% below the levels of June 2019, informed UN's Food and Agriculture Organization (FAO). According to the experts, bovine meat and poultry price quotations fell, largely due to increased export availabilities in major producing regions, whereas pig meat prices registered a small increase, mostly in Europe, on an expectation of the further easing of COVID-19 market restrictions.
A large number of COVID-19 infections combined with the closure of the foodservice sector in Brazil, the US and EU have created an oversupply of cattle and beef in the global market in the last four months. In the EU market, the European Commission agreed on releasing a scheme to protect beef and sheep producers and processors but that only filled up the current stocks existing in the market. Meanwhile, restrictions applied by the Chinese authorities for meat producers hit by COVID-19 may add downward pressure on meat prices in several regions, so the decline of FAO Meat Price Index may continue for the rest of the year.
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