Australian live cattle exports experience a significant drop
Cattle exporters from Australia are facing a significant drop in demand from their main buyer, Indonesia. According to a report from Meat and Livestock Australia (MLA), there is a significant drop in livestock exports to Indonesia, as the country is threatened by an economic recession. "March live cattle exports to Indonesia were just 34,000 head, back 16% on last month and down 41% on March last year. A combination of high Australian cattle prices earlier in the year and a weak Indonesian exchange rate against the USD have contributed to the decline. Additionally, feeder cattle demand from Indonesian feedlots is sluggish, attributed to a COVID-19 slowdown in abattoir activity – slaughter is running 30-50% below typical levels – and an uncertain consumer outlook," said the report. Due to low demand, cattle prices have dropped from $3.85/kg to $2.80/kg despite the fact that, since last week, the country has entered the season of Ramadan.
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