Rabobank Says North American Cattle Prices Continue To Track At High Levels

Rabobank says North American cattle prices continue to track at high levels, with US cattle prices steady and Canadian prices up three per cent between June and October. In its latest Beef Quarterly Report it says in Southern hemisphere countries, prices remain soft. Australian cattle prices are down 28% since June – while New Zealand and Brazil also saw prices fall, but by smaller amounts. While overall beef production and consumption in 2024 is expected to remain steady, the report says, trade will need to shift product according to changes at the individual country level. It says the US will be one of the big movers with production to ease a further 4.5%, while consumption drops 3% in 2024. Australia and Mexico will be the major beneficiaries, while New Zealand will also benefit, but restricted production and export growth will limit the gains.