According to the latest report released by Rabobank, ongoing strong demand and limited supplies have kept global beef prices high, but cost pressures are flowing into the supply chain. Retail beef price movement over the last two years have been high, driven largely by strong consumer demand. Beef retail prices in the U.S. during the second quarter of 2021 were 23 percent higher than the five-year average. With Russia having a less prominent role in global beef markets than five-years ago, Rabobank doesn’t expect big impacts on the global beef markets. However, with Russia and Ukraine accounting for over 29 percent of wheat exports, trade embargoes could pressure feed prices.
