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Rabobank: Beef Quarterly Q2 2022
The first signs of softening consumer confidence are apparent in most markets, with wholesale prices for beef coming under pressure even though production costs are higher. A downward adjustment of cattle prices and upstream input costs will be needed to restore processor margins and to maintain beef’s competitiveness with consumers. We expect ongoing adjustments of consumption and margins in all markets as we head into Q3 2022.
Meanwhile, lockdowns in China and biosecurity risks in Indonesia pose notable implications for trade. Lockdowns of major Chinese cities are further constraining beef demand and restricting foodservice sales...