The FAO Meat Price Index averaged 127.9 points in September, down 1.5 points (1.1 percent) from its revised August value and in line with its level a year ago.
The decline reflected lower poultry and pig meat quotations, while bovine and ovine meat prices remained broadly stable. International poultry meat quotations declined amid ample export supplies from Brazil and weaker import demand from the European Union following the entry into force on 3 September of the antimicrobial-related import requirements. The effect was most evident for higher-value products and was compounded by the front-loading of imports ahead of the implementation of the new rules. Pig meat prices also declined amid abundant supplies in major exporting countries. In the European Union, animal growth rates returned to normal levels following the decline during the summer heatwaves, supporting increased supplies and weighing on prices. For bovine meat, export prices in Australia declined amid intensified global competition, while quotations increased in Brazil, supported by stronger demand from the United States of America after the temporary expansion of the tariff-rate quota for lean beef trimmings on 1 September, which reduced duties on additional import volumes. Ovine meat prices remained on average unchanged, as support to export prices in Oceania from firm global import demand was tempered by lower quotations in New Zealand, largely reflecting currency movements.
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