Australia's Beef Prices Soar To Record High, Export Sales Collapse 25% Amid Rapid Food Inflation

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Australian cattle futures are at record-highs as farm operators hold back livestock from slaughterhouses to rebuild herds after years of drought forced many cattle operators to cull herds. Supply disruptions have resulted in the benchmark Eastern Young Cattle Index soaring to A$10.082 ($7.26) a kilogram. From the 2020 low, prices have more than doubled in a year.
Bloomberg notes the high prices "has raised the risks that the nation's steaks will slip off global menus -- while worldwide demand for beef is robust in many markets."
The surge in prices could mean the nation's beef producers, number two in the world behind Brazil, might lose that spot as exports slump. This means Australian global importers will go elsewhere for cheaper meat. In the first six months, beef exports slumped 24% versus the same period last year.
Soaring beef prices means exports drop as global importers look elsewhere for affordable meat.