Standard Bank_ Agribusiness Biweekly Insights: Livestock Report (01 December 2023)


Red meat prices are expected to get support from the approaching festive season. Average red meat prices have remained largely subdued this year due to lethargic demand for beef, lamb, and mutton as many consumers remain economically constrained. In November 2023, the average prices of these meat categories were approximately 10% lower year-on-year (y/y). These meat categories are classified as high value meat products, so they tend to get substituted by lower priced meat products like chicken and pork during tough economic conditions. The pork industry has benefited from higher demand, which has been supportive of pork prices in the second half of 2023. This trend is expected to persist over the festive season and into 2024. The average prices of chicken, which competes with pork on the lower end of the meat price spectrum, is expected to trend higher on the back of high feed costs, good demand, and shortages of chicken in the wake of the bird flu outbreaks. Although the spread of bird flu has slowed down around the country, the poultry industry remains on high alert and farmers are still urged to continue to implement stringent biosecurity measures.


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