While demand for finished beef remains lacklustre in the UK with values down 20p per deadweight kg on the year, global requirements are rising with worldwide consumption of pig meat, beef and sheep meat expected to rise by 11%, 10% and 15%, respectively by 2032.

However, there are a few rollercoaster rides to follow first according to a report from Rabobank which in its latest report claims that cattle prices continue to move along at two speeds, with North American markets tracking close to record highs while others remain more subdued.

It points out that changes in production and prices in different regions are starting to shift trade flows, with the US increasing import volumes while imports in major Asian markets remain relatively flat. Hence, it says beef production in the major producing countries are only slightly higher in the second quarter of 2024 compared to the same time in 2023, with projections for the third quarter being down year on year.

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Climate and greenhouse gas (GHG) emissions remain at the forefront of sustainability discussions globally as reduction goals approach deadlines and companies seek mitigation pathways.

“We believe companies, governments, and industry will continue to prioritise GHG emissions accounting, although the specifics of some disclosure mandates will be challenged or adjusted,” the report states.

“Increased regulatory action on climate has resulted in tensions between governments, producers, and corporates (e.g. farmer protests in the EU, legislative uncertainty regarding the US SEC ruling, and companies adjusting their ESG targets).

This will most likely result in more focus and pragmatism on the core sustainability goals rather than slowing climate action and introducing reputational risk,” the report concluded.