EU broiler prices sink to the lowest level in 5 years
EU broiler prices are dropping constantly due to logistic and supply chain disruptions, foodservice closure and oversupply all caused by the COVID-19 crisis. Last week, the average price in the single market stood at €177.11/100kg carcase weight, the lowest level in the last 5 years, according to statistical data from Eurostat. Compared to the same week last month, the average price is down 4.5% and 6.9 down the same period last year.
(see chart)
According to the European Commission forecast, poultry production is still expected to grow by 1.2% this year, despite the oversupply reported in several countries such as Poland, who has seen prices going down by 37% in the last month. Poland is the main poultry producer in the EU, accounting for a 20% market share but, since the beginning of the year, a toxic combination of avian flu and logistics disruption for export to non-EU countries impacted the sector. For the entire EU poultry industry, 2020 started with lower volumes exported to markets such as UK (-48%), Ukraine (-46.1%), South Africa (-33.4%) or Hong Kong (-25.8%). (see chart)
However, high volatility in prices is also reported in the US market, where fresh chicken is making unexpected jumps depending on how the processing units are impacted by COVID-19 infections reported among workers and also in Brazil, even if at a lesser extent. (see chart)
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