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 The impacts of drought 2021 on the retail price of beef is a topic of interest for media lately. A continued strong demand outlook in North America and internationally is expected to sustain higher prices going forward. In June 2021, Canadian beef exports were 18% higher compared with June 2020 and 27% above the five-year average for June. Compared with last year, year-to-date (Jan-Jun) exports were up 27% in volume and 25% in value, according to Canfax.  As Canada Beef President Michael Young told the CBC: "I don't see anything on the global horizon that's going to change demand. Demand will remain high.” In terms of markets, June export volumes increased to the U.S. (16%), Japan (35%), Mexico (108%), mainland China (151%), SE Asia (425%), South Korea (87%), the EU (43%) and MENA (40%). Beef imports were 17% lower in June 2021 than the year earlier period, and 8% lower from the five-year average for June. On a year-to-date basis (Jan-June), imports were down 12% in volume and 12% in value. Domestically, Statistics Canada 2020 consumption data showed that while overall per capita consumption of red meat and poultry fell -4.5% to 73.3 kgs/person retail weight, beef consumption held its ground at +0.3% (18 kgs). The strong demand outlook comes as beef producers across Canada manage through the impacts of drought and wildfires. Canada Beef’s thoughts are with affected producers at this time. Back to main page |
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