Yet another shock
Let’s get this straight, based on current information the world is not going to end. Fuels are expensive and are getting more so. Supply is heavily restricted. But demand will fall and alternative supplies will rise. And then, one day, the Strait of Hormuz will reopen. The problem is that this takes time. So, in the interim it is imperative that farmers, businesses, households and governments alike prepare for the worst while hoping for the best knowing that no matter what, a significant adjustment process is under way.
Buoyant beef
Beef prices have continued to lift over recent months. This is from already high levels and against some easing that typically takes place at this time of year. Beef is buoyant.
Not only are beef prices about a third higher than a year ago, but they are also up two thirds on two years ago. It is a significant lift. From a bit below average two years ago, prices are now substantially above average.