Chinese Beef Prices Plunge as Appetite for Premium Meat Wavers

Yahoo!Finance - July 2, 2024

The government has pushed farmers to raise production at home and opened the door to more imports, but a slowing economy has left meat piling up in freezers and dragged local prices to a five-year low.

Wholesale prices have dropped 18% from last year’s peak to around 62 yuan ($8.53) a kilogram. Much of the cattle industry is now loss-making and could increasingly become a drain on the public purse after the farm ministry urged local authorities to provide subsidies and forage to farmers.

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