BEEF & VEAL MARKET SITUATION "Single CMO" Management Committee 23 January 2014.

BEEF & VEALMARKET SITUATION

"Single CMO" Management Committee 23 January 2014

6

P R O D U C T I O N P R O D U C T I O N % E V O L U T I O N

H E A D S

% E V O L U T I O N

H E A D S

Estimates for last month of period :EL CY HU Source : EStat - Newcronos

Cow

Heifer

Calve

Bull

Jan-Oct 13/12

EU15 EU28HEADS

-1,8% -1,2%

Meat of bovine

animals

-5,4% -5,4%

-4,8% -5,9%

-1,9% -1,8%

-5,4% -5,6%

Bullock

Young cattle

-4,1%

-3,8% -3,7%

-4,0%

-3,1

%+5

,5%

-3,8

%-1

,2%

-4,9

%+3

,6%

+8,6

%-1

4,9%

-2,5

%-4

,8%

-4,4

%-1

2,3%

-13,

1%-3

,2%

-9,3

%-5

,9% -4

,3%

+5,8

%-2

,0%

+2,3

%-6

,3%

-11,

2%+5

,8%

-5,8

%-2

,4% -0

,1%

-0,2

%-1

,2%

- 20 %

- 10 %

0%

+ 10 %

- 20 %

- 10 %

0%

+ 10 %

BE BG CZ DK DE EE IE EL ES FR HR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK

EU : - 4,1%

7

P R O D U C T I O N P R O D U C T I O N % E V O L U T I O N

T O N N E S

% E V O L U T I O N

T O N N E S

Estimates for last month of period :EL CY Source : EStat - Newcronos

Meat of bovine

animals-4,0%-4,2%

-0,2% -0,1%Young cattle

Calve

-6,6%

Heifer

Bull -0,7%

-3,7%

-6,7%

-5,3%

-7,4%

-1,2%

Cow

Bullock -4,2%

-5,4%

-7,2%

TONNESEU15 EU28

Jan-Oct 13/12

-5,9

%+9

,6%

-2,4

%-1

,3%

-4,4

%+4

,9%

+5,3

%-1

0,5%

-1,3

%-4

,9%

+0,7

%-1

2,2%

-18,

7%-4

,0%

-9,0

% -6,6

%-6

,2%

+7,9

%-1

,4%

+3,4

%-1

,3%

-10,

3%+3

,6%

-3,5

% -2,2

% -0,9

%+0

,8%

-4,0

%

- 20 %

- 10 %

0%

+ 10 %

- 20 %

- 10 %

0%

+ 10 %

BE BG CZ DK DE EE IE EL ES FR HR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK

EU : - 4,0%

8

P R O D U C T I O N P R O D U C T I O N Abs.Value E V O L U T I O N

T O N N E S

Abs.Value E V O L U T I O N

T O N N E S

0

200

400

600

800

1000

1200

1400

B E B G C Z D K D E E E I E E L E S F R H R I T C Y L V L T L U H U M T N L A T P L P T R O S I S K F I S E U K

Cow

Bullock

Bull

Heifer

Young cattle

Calves

Source : EStat Newcronos 1000 TONNES : Jan-Oct 12 / Jan-Oct 13

9

P R O D U C T I O N P R O D U C T I O N H I S T O R I C

T O N N E S

H I S T O R I C

T O N N E S

500

550

600

650

700

750

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1.00

0 T

on

ne

s

2 0 1 1 2 0 1 2 2 0 1 3

Beef & Veal Production (E28 Slaughtering) - Tonnes

Source : EStat-Newcronos

10

P R O D U C T I O N P R O D U C T I O N E.U. E V O L U T I O N

A D U L T C A T T L E

E.U. E V O L U T I O N


0

200

400

600

800

1000

1200



Cow

Bullock

Bull

Heifer


11

P R O D U C T I O N P R O D U C T I O N E.U. E V O L U T I O N

V E A L


V E A L

0

50

100

150

200


YOUNG CATTLE & CALVES

Young cattle

Calves


12

P R I C E S C A R C A S S E S P R I C E S C A R C A S S E S


Y O U N G B U L L – A.R3


Y O U N G B U L L – A.R3

381,10 376,70% change y/y : - 4,0% % change y/y : - 4,7%

Price in week 02 : Average price in December 2013 :

300

320

340

360

380

400

300

320

340

360

380

400


2007-2011 Avg 2012 2013 2014

Source : Member States A - R 3 > Wk.02-2014

13


S T E E R – C.R3


S T E E R – C.R3




280

300

320

340

360

380

400

420

440

460

280

300

320

340

360

380

400

420

440

460


2007-2011 Avg 2012 2013 2014

Source : Member States C - R 3 > Wk.02-2014

14


A / C . R3


A / C . R3



177,1%% Ref. Price in wk 2 :


289,1

311,4

333,6

355,8

378,1

400,3

422,6

130%

140%

150%

160%

170%

180%

190%


€/100 kg cwe

2007-2011 Avg 2012 2013 2014

% of Reference Price

Source : Member States AC - R 3 > Wk.02-2014

15


C O W – D.O3


C O W – D.O3




220

240

260

280

300

320

340

220

240

260

280

300

320

340


2007-2011 Avg 2012 2013 2014

Source : Member States D - O 3 > Wk.02-2014

16


H E I F E R – E.R3


H E I F E R – E.R3


407,88 399,70% change y/y : + 0,1% % change y/y : - 1,0%


310

330

350

370

390

410

430

310

330

350

370

390

410

430


2007-2011 Avg 2012 2013 2014

Source : Member States E - R 3 > Wk.02-2014

17


All CAT GLOBAL VIEW


All CAT GLOBAL VIEW


200

250

300

350

400

450

2007 2008 2009 2010 2011 2012 2013 2014

A R3

C R3

D O3

E R3

Source : Member StatesLast Update : Week 02 - 2014

18

Male store cattle (6-12 months; ≤ 300 kg – €/100 kg live weight)


MALE STORE CATTLE


MALE STORE CATTLE

P R I C E S L I V E B O V I N E S P R I C E S L I V E B O V I N E S



200

210

220

230

240

250

260

270

200

210

220

230

240

250

260

270


2007-2011 Avg 2012 2013 2014

Source : Member BROUT > Wk.02-2014

19

Male calves aged between 8 days and 4 weeks (€/head)



Male Calves – 8D4W


Male Calves – 8D4W



160

180

200

220

240

260

160

180

200

220

240

260


2007-2011 Avg 2012 2013 2014

Source : Member 8D4W > Wk.02-2014

20

Butcher calves (€/100 kg cw)



Butcher Calves


Butcher Calves

598,21 593,33% change y/y : + 3,2% % change y/y : + 4,4%


480

500

520

540

560

580

600

620

480

500

520

540

560

580

600


2007-2011 Avg 2012 2013 2014

Source : Member BOUCH > Wk.02-2014

21

M A R G I N M A R G I N E.U. E V O L U T I O N

Animal + Feed Purchase COST



0,00

100,00

200,00

300,00

400,00

500,00

600,00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

€uro

/ he

ad

Remainder of: Selling price AR 3, minus costs for calf purchased and feedcost for grain fattening

Extra gain of FCR between 7- 6 Remainder Young Bulls A.R 3 Calf price when purchased

average remainder incl. extra gain Intensive Feedcost x*6

22

M A R G I N M A R G I N E.U. E V O L U T I O N




0,00

100,00

200,00

300,00

400,00

500,00

600,00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

€uro

/hea

d

Remainder of: Selling price AR 3, minus costs forcalf purchased and feedcost for grain/ grass fattening

Extra gain of FCR between 7- 6 Remainder Young Bulls A.R 3 Calf price when purchased

Pasture Feedcost x*6 average remainder incl. extra gain

23

EU exports of beef and live animals (1):Trade figures (COMEXT – tonnes cwe)

DestinationsDestinations

T R A D E T R A D E E.U. E X P O R T S

Beef & Live Animals

E.U. E X P O R T S

Beef & Live Animals

2009 2010 Compared

tonnes % tonnes % tonnes % tonnes % tonnes % to Jan-Nov 12

Russia 50.881 20,4% 135.991 27,9% 138.910 21,8% 98.433 19,0% 65.915 16,0% - 26,9%

Sw itzerland 19.072 7,7% 22.352 4,6% 26.432 4,2% 19.570 3,8% 25.054 6,1% + 36,6%

Lebanon 7.838 3,1% 33.815 6,9% 23.275 3,7% 24.100 4,6% 24.306 5,9% - 4,2%

Algeria 6.681 2,7% 16.259 3,3% 17.970 2,8% 17.324 3,3% 20.267 4,9% + 42,9%

Turkey 571 0,2% 71.029 14,6% 166.753 26,2% 100.742 19,4% 4.808 1,2% - 95,1%

Other Destinations 138.995 55,8% 184.016 37,8% 238.154 37,4% 236.730 45,6% 234.101 56,7% + 17,6%

EXTRA EU 249.165 486.621 636.480 518.880 413.131

% change + 95% + 31% - 18% - 11,9%

2011 Jan-Nov 132012

24

EU exports of beef and live animals:Trade figures (COMEXT)

601.070415.912

29.357

586.926

595.433

686.091

1.728.153

1.499.626

1.157.730

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

1.600.000

1.800.000

2.000.000

Jan-Nov 11 Jan-Nov 12 Jan-Nov 13

1,00

0 EU

R

EU EXPORTS of Beef & Veal (1000 EUR)

Turkey Russia Ghana Lebanon Hong Kong Algeria Other destinations

156.50897.514

128.684

90.181

65.915

213.242

199.140

234.101

577.421

468.731

413.131

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000


Tonn

es c

w

EU EXPORTS of Beef & Veal (Tonnes cwe)

Turkey Russia Ghana Lebanon Hong Kong Algeria Other destinations


Beef & Live Animals

E.U. E X P O R T S

Beef & Live Animals

25

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

|Jan06

2006 |Jan07

2007 |Jan08

2008 |Jan09

2009 |Jan10

2010 |Jan11

2011 |Jan12

2012 |Jan13

2013

in Tonnes cwe

EU-28 Exports of BEEF products

LIVE ANIMALS FRESH FROZEN PREPARED OTHERS


B e e f P r o d u c t s

E.U. E X P O R T S


26

EU beef Exports to TURKEYTrade figures (COMEXT data) tonnes cwe


B e e f t o T U R K E Y

E.U. E X P O R T S

B e e f t o T U R K E Y

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

Jan

10

Feb

10

Ma

r 1

0

Ap

r 10

Ma

y 1

0

Jun

10

Jul 1

0

Au

g 1

0

Se

p 1

0

Oct

10

No

v 1

0

De

c 1

0

Jan

11

Feb

11

Ma

r 1

1

Ap

r 11

Ma

y 1

1

Jun

11

Jul 1

1

Au

g 1

1

Se

p 1

1

Oct

11

No

v 1

1

De

c 1

1

Jan

12

Feb

12

Ma

r 1

2

Ap

r 12

Ma

y 1

2

Jun

12

Jul 1

2

Au

g 1

2

Se

p 1

2

Oct

12

No

v 1

2

De

c 1

2

Jan

13

Feb

13

Ma

r 1

3

Ap

r 13

Ma

y 1

3

Jun

13

Jul 1

3

Au

g 1

3

Se

p 1

3

Oct

13

No

v 1

3

Fresh Bovine "Compensated" quarters

Fresh Bovine (un)-separated Forequarters

Fresh Bovine (un)-separated Hindquarters

Frozen Bovine "Compensated" quarters

Live Animals

TOTAL

27

EU beef Exports to RUSSIATrade figures (COMEXT data) tonnes cwe


B e e f t o R U S S I A

E.U. E X P O R T S

B e e f t o R U S S I A

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

22.000

24.000

Jan

10

Fe

b 10

Ma

r 10

Ap

r 1

0

Ma

y 10

Jun

10

Jul 1

0

Au

g 10

Se

p 10

Oct

10

No

v 10

De

c 10

Jan

11

Fe

b 11

Ma

r 11

Ap

r 1

1

Ma

y 11

Jun

11

Jul 1

1

Au

g 11

Se

p 11

Oct

11

No

v 11

De

c 11

Jan

12

Fe

b 12

Ma

r 12

Ap

r 1

2

Ma

y 12

Jun

12

Jul 1

2

Au

g 12

Se

p 12

Oct

12

No

v 12

De

c 12

Jan

13

Fe

b 13

Ma

r 13

Ap

r 1

3

Ma

y 13

Jun

13

Jul 1

3

Au

g 13

Se

p 13

Oct

13

No

v 13

Live animals

Fresh Bovine meat

Frozen Bovine meat

Beef Offals

TOTAL

28


L i v e A n i m a l s

E.U. E X P O R T S

L i v e A n i m a l s

2.0

14

.

3.1

12

.

2.2

59

.

2.6

99

.

2.7

60

.

2.0

61

.

2.9

52

.

3.3

99

.

3.8

34

.

2.7

99

.

2.9

89

.

2.6

11

.6

.55

2

.9

.62

8

.7

.07

5

.7

.57

7

.6

.09

5

.2

.57

6

.3

.38

0

.4

.41

6

.8

.02

6

.11

.06

8

.7

.26

3

.6

.50

3

.5

.56

0

.2

.62

9

. 4.6

37

.

2.1

52

.

86

8

.

97

4

.

59

6

.

38

8

.

20

4

.

41

4

.

20

5

.

21

5

.

26

3

.

42

.1

92

.

2.1

11

.2

.511

.

3.5

65

.

6.2

85

.

4.1

34

.

3.9

38

.

3.7

38

.

2.6

56

.

2.1

73

.

1.9

29

.

3.3

48

.

3.9

79

.

3.2

59

.

2.1

96

.

1.9

95

.

2.4

41

.

5.1

61

.

4.1

73

.

1.7

47

.

2.7

57

.

1.3

44

.

1.9

92

.

2.0

71

.

1.1

74

.

3.0

94

.

3.2

07

.

2.3

05

.

1.6

27

.

2.0

16

.

1.4

36

.

1.3

81

.

2.2

07

.

2.6

87

.

2.3

75

.

2.5

62

.

3.1

11

.3

.23

7

.3

.34

2

.2

.06

6

.2

.02

6

.3

.37

2

.2

.74

4

.3

.66

0

.2

.60

0

.4

.12

5

.2

.09

9

.1

.96

9

.3

.19

0

.3

.37

3

.4

.75

2

.4

.07

3

.4

.44

9

. 3.9

54

.

4.8

85

.

5.9

68

.

4.6

29

.

3.8

96

.

3.7

65

.

3.5

70

.

3.3

71

.

3.2

57

.

3.8

89

.

3.7

51

.

4.3

40

.

4.3

06

.

5.2

89

.

6.9

55

.

5.8

84

.

6.4

95

.

4.0

55

.

3.1

71

.

5.7

38

.

4.2

92

.

3.8

21

.

4.0

99

.

5.0

75

.

3.7

46

.

3.7

05

.

4.3

07

.

4.6

08

.

5.9

35

.

3.8

22

.

3.9

91

. 4.8

67

.

6.7

15

.

5.7

01

.

4.4

65

.

4.4

68

.

2.0

51

.

4.3

76

.

5.1

74

.

4.8

01

.

0

5.000

10.000

15.000

20.000

25.000

Jan

09

Mar

09

May

09

Jul 0

9

Sep

09

Nov

09

Jan

10

Mar

10

May

10

Jul 1

0

Sep

10

Nov

10

Jan

11

Mar

11

May

11

Jul 1

1

Sep

11

Nov

11

Jan

12

Mar

12

May

12

Jul 1

2

Sep

12

Nov

12

Jan

13

Mar

13

May

13

Jul 1

3

Sep

13

Nov

13

To

nn

es

CW

E

.

EU-28 Exports of LIVE Bovine Animals(Source COMEXT - Tonnes cwe)

Turkey Algeria Lebanon Other

29

EU imports of beef and live animals (1):Trade figures (COMEXT – tonnes cwe)

OriginsOrigins

T R A D E T R A D E E.U. I M P O R T S

Beef & Live Animals

E.U. I M P O R T S

Beef & Live Animals

2009 2010 Compared

tonnes % tonnes % tonnes % tonnes % tonnes % to Jan-Nov 12

Brazil 149.007 34,6% 144.858 38,2% 125.872 38,9% 126.227 41,2% 134.280 43,4% + 14,6%

Uruguay 79.144 18,4% 66.189 17,5% 51.449 15,9% 51.786 16,9% 48.239 15,6% - 1,3%

Argentina 122.494 28,4% 79.532 21,0% 62.704 19,4% 51.601 16,8% 44.891 14,5% - 6,3%

Australia 16.937 3,9% 13.627 3,6% 18.081 5,6% 21.135 6,9% 25.519 8,2% + 32,3%

USA 9.609 2,2% 15.308 4,0% 22.954 7,1% 20.776 6,8% 20.707 6,7% + 5,5%

New Zealand 15.783 3,7% 13.671 3,6% 15.427 4,8% 15.161 4,9% 13.197 4,3% - 10,8%

Namibia 12.457 2,9% 13.571 3,6% 9.005 2,8% 8.720 2,8% 10.430 3,4% + 22,9%

Botswana 11.452 2,7% 15.763 4,2% 980 0,3% 474 0,2% 5.964 1,9% +++

Switzerland 4.394 1,0% 4.461 1,2% 5.661 1,7% 4.964 1,6% 3.854 1,2% - 16,9%

Serbia 990 0,2% 1.127 0,3% 785 0,2% 639 0,2% 573 0,2% - 14,7%

Chile 3.158 0,7% 2.441 0,6% 2.254 0,7% 1.710 0,6% 526 0,2%

EXTRA EU 431.182 379.145 323.654 306.675 309.706

% change - 12% - 15% - 5% + 8,6%

2011 Jan-Nov 132012

30

EU imports of beef and live animals (2):Trade figures (COMEXT)


Beef & Live Animals

E.U. I M P O R T S

Beef & Live Animals

115.412 117.179 134.280

57.874 47.90644.891

48.108 48.88548.239

38.139 32.27336.070

295.187 285.160309.706

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000


InTonnes

cwe

IMPORTS of Beef & Veal into EU (Tonnes cwe)

Brazi l Argentina Uruguay Australia USA Other origins

497.185 527.033 544.151

424.531 388.959 358.804

255.268 265.029 251.391

90.532 106.267 140.975

209.569 180.432 173.099

1.598.573 1.615.921 1.620.639

0

200.000

400.000

600.000

800.000

1.000.000

1.200.000

1.400.000

1.600.000

1.800.000


in 1000EUR

IMPORTS of Beef & Veal into EU (1000 EUR)

Brazi l Argentina Uruguay Australia USA Other origins

31



E.U. I M P O R T S


0

10.000

20.000

30.000

40.000

50.000

60.000

|Jan06

2006 |Jan07

2007 |Jan08

2008 |Jan09

2009 |Jan10

2010 |Jan11

2011 |Jan12

2012 |Jan13

2013

in Tonnes cwe

EU-28 Imports of BEEF products

FRESH FROZEN PREPARED OTHERS

32

452403

446401

436 429398

491 513 529565

513556

395431

379324 307

249

1 263

1 1711 120

825

1 028

736

598 598

481455

352292

248292

249

487

636

519

328

0

200

400

600

800

1 000

1 200

1 400

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jan-Sep13

1000 Tonne

IMPORTS EXPORTS

452403

446401

436 429398

491 513 529565

513556

395431

379324 307 310

1.263

1.1711.120

825

1.028

736

598 598

481455

352292

248292

249

487

636

519

413

0

200

400

600

800

1.000

1.200

1.400

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Jan-Nov13

1000 Tonne

IMPORTS EXPORTS

Trade balance of beef and live animals

T R A D E T R A D E E.U. T R A D E B A L A N C E

Beef & Live Animals

E.U. T R A D E B A L A N C E

Beef & Live Animals

33

W O R L DB E E F M A R K E TW O R L DB E E F M A R K E T

EXCHANGE RATE INDEX / Euro

Main Trading Partners

EXCHANGE RATE INDEX / Euro

Main Trading Partners

60,0

80,0

100,0

120,0

140,0

160,0

180,0

I 2008 I 2009 I 2010 I 2011 I 2012 I 2013 I 2014 |

Index of monthly exchange rates of the main trading partners compared to the €uro

notification on the 1st of the monthJanuary 2001 = 100

Real US$ Ruble AUS$ CDN$

34


E.U. I M P O R T S

BEEF MAIN IMPORTERS

E.U. I M P O R T S

BEEF MAIN IMPORTERS

Source : GTA * Excluding live animals (0102), fats, preparations of several types of meat (0209, 0210 99 and 1602 90)

Unite

d St

ates

Unite

d St

ates

Chin

a +

H. K

ong

Chin

a +

H. K

ong

Russ

ia

Russ

ia

Japa

n

Japa

n

Mex

ico

(up

to S

ep)

Mex

ico

(up

to S

ep)

Sout

h Ko

rea

Sout

h Ko

rea

EU

EU

Cana

da

Cana

da

Chile

Chile

0

200

400

600

800

1.000

1.200

2012 (up to November) 2013 (up to November)

Qty

in 1

000 T

onnes

Main Importers of BEEF Products (up to November)

No 2103 figures available for : Mexico, Taiwan, Chile, ...

* Excluding live animals (0102), fats, preparations of several types of meat (0209, 0210 99 and 1602 90)

35


E.U. E X P O R T S

BEEF MAIN EXPORTERS

E.U. E X P O R T S

BEEF MAIN EXPORTERS

Source : GTA * Excl udi ng l i ve ani mal s (0102), fats, preparati ons of several types of meat (0209, 0210 99 and 1602 90)

Unite

d St

ates

Unite

d St

ates

Aust

ralia

Aust

ralia

Braz

il

Braz

il

Indi

a (u

p to

Oct

)

Indi

a (u

p to

Oct

)

New

Zeal

and

New

Zeal

and

Cana

da

Cana

da

EU

EU

Urug

uay

(up

to O

ct)

Urug

uay

(up

to O

ct)

Para

guay

Para

guay

Arge

ntin

a

Arge

ntin

a

Mex

ico

(up

to S

ep)

Mex

ico

(up

to S

ep)

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2012 (up to November) 2013 (up to November)

Qty

in 1

000 T

onnes

Main Exporters of BEEF Products (up to November)

* Excluding live animals (0102), fats, preparations of several types of meat (0209, 0210 99 and 1602 90)

36


STEER PRICES

US & EU

STEER PRICES

US & EU

100

150

200

250

300

350

400

450

| 10 | 11 | 12 | 13 | 14 |

weekly US & EU Steer prices in €uro/100kg carcase

Steers 550-700lb Omaha (Nebraska) Feeder Steer 600-700lb Oklahoma CityEU Beef C R3 Steers 1050 - 1200lb Okla/ TexCanada: All Steers (agr,gc,ca) Australia: All SteersNew Zeal. Avg steers T2 NI & SI

37


ADULT MALE BOVINE PRICES

Brazil Argentina Uruguay EU

ADULT MALE BOVINE PRICES

Brazil Argentina Uruguay EU

100

150

200

250

300

350

400

| Year2009

| Year2010

| Year2011

| Year2012

| Year2013

| Year2014

|

€uro

/ 10

0kg

Market prices for Adult Male Bovine in Brazil (Pecuaria.com.br), Argentina (abc-consrt),

Uruguay (Inac) and EU

EU Beef A/C R3 AVG Arroba do Boi (6 St) (Pecuària.com.br)

Media Res Novillo (Inac Uruguay) (abc-consort) Argentina Novillo

38

MEDIUM T E R MF O R E C A S TMEDIUM T E R MF O R E C A S T

39

MEDIUM T E R MF O R E C A S TMEDIUM T E R MF O R E C A S T

P R O D U C T I O NC O N S U M P T I O N

TRADE

P R O D U C T I O NC O N S U M P T I O N

TRADE

40

MEDIUM T E R MF O R E C A S TMEDIUM T E R MF O R E C A S T PRICEPRICE

BEEF & VEAL MARKET SITUATION "Single CMO" Management Committee 23 January 2014.

Documents

Transcript of BEEF & VEAL MARKET SITUATION "Single CMO" Management Committee 23 January 2014.