Rabobank’s Beef Quarterly Q4 reports that tight global cattle and beef supplies continued in Q4 2014, although prices tempered from their Q3 highs. The US remains the major global driver, with import demand affecting prices and volumes for other countries. A big question heading into 2015 with such a finely balanced market is&mdashif Australian export rates decrease and herds in Mexico and Canada continue to be run down by the US&mdashwhether a new norm has been reached for prices or whether they still have room to rise.
“The US continues to be the driver in the global beef market with constrained supply and strong demand keeping prices high. A recent strengthening in the US economy and dollar will support continued imports to the US however we are watching a drop in the oil price and depreciation of the Russian Ruble given Russia’s status as the world’s largest beef importer”, explains Rabobank analyst Angus Gidley-Baird.
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