August 24, 2007
August 24, 2007 - A revision of agricultural market forecasts by the European Commission's Directorate General for Agriculture and Rural Development has predicted that European Union (EU) beef and sheepmeat production will fall below domestic consumption. The decrease in production is primarily attributed to the impact of decoupling, particularly of ewe premiums, and a structural reduction of dairy herds.
EU beef and veal production is expected to fall approximately 1 percent each year until 2014, while consumption is expected to decline at a slower rate. Similar to beef, sheepmeat consumption is also expected to fall, with the rate of decline to be less than the slowdown in production. Reports indicate that imports of beef and sheepmeat will need to increase in order to meet domestic demand. Reprinted in part from Meat and Livestock Australia