BEEF & VEAL MARKET SITUATION. "Single CMO" Management Committee 18 September 2014

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1 BEEF & VEAL MARKET SITUATION "Single CMO" Management Committee

2 L I V E S T O C K JUNE SURVEY E.U. E V O L U T I O N T O T A L B O V I N E May/Jun %Var %Var %Var %Var TOT LIVESTOCK BOVINE < 1 Year BOVINE 1-2 Year BOVINE > 2 Year Hd BE BG CZ DK % % % % DE % % % % EE IE EL ES FR % % % % IT % % % % CY LV LT LU HU MT NL % % % % AT % % % % PL PT RO % % % % SI SK FI SE UK EU % % % % Source : EStat Newcronos EU %Var is calculated considering only countries available in 2013 AND 2014

3 L I V E S T O C K JUNE SURVEY E.U. E V O L U T I O N T O T A L B O V I N E May/Jun %Var %Var %Var TOTAL COWS DAIRY COWS OTHER COWS Hd BE BG CZ DK % % % DE % % % EE IE EL ES FR % % % IT % % % CY LV LT LU HU MT NL % % % AT % % % PL PT RO % % % SI SK FI SE UK EU % % % Source : EStat Newcronos EU %Var is calculated considering only countries available in 2013 AND 2014

4 -16.6% -9.2% -7.4% -4.4% -5.1% -6.0% -2.0% -0.3% -1.6% -0.9% -2.2% -0.4% -2.0% -0.4% +1.9% +1.8% +0.5% +0.5% +1.5% +0.3% +3.3% +5.2% +3.5% +2.0% +7.1% +14.1% +14.8% P R O D U C T I O N % E V O L U T I O N H E A D S HEADS Jan-Jun 13/14 EU15 EU28 EU : - 0.9% Bull -3.4% -0.6% + 10 % + 10 % Bullock +5.7% +5.7% Cow -1.3% -0.6% 0% 0% Heifer +0.2% +0.9% Calve -1.4% -2.1% - 10 % - 10 % Young cattle -9.1% -9.3% Meat of bovine -1.7% -0.9% animals Estimates for last month of period : - 20 % BE BG CZ DK DE EE IE EL ES FR HR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK - 20 % Source : EStat - Newcronos

5 -24.0% -19.7% -8.8% -9.9% -4.1% -3.9% -0.8% -0.5% -1.3% -3.2% -1.4% -2.5% -3.7% -0.9% +0.6% +3.9% +2.3% +1.8% -0.0% +0.2% +3.8% +1.7% +3.6% +2.8% +6.3% +9.6% +16.9% +16.9% P R O D U C T I O N % E V O L U T I O N T O N N E S TONNES Jan-Jun 13/14 EU15 EU % EU : - 0.1% + 15 % Bull -3.2% -1.1% Bullock +6.7% +6.7% + 5 % + 5 % Cow -0.4% +0.2% Heifer +1.6% +2.2% - 5 % - 5 % Calve -0.9% -1.4% - 15 % - 15 % Young cattle -9.6% -9.6% Meat of bovine -1.0% -0.1% animals Estimates for last month of period : - 25 % BE BG CZ DK DE EE IE EL ES FR HR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK - 25 % Source : EStat - Newcronos

6 1.000 Tonnes P R O D U C T I O N H I S T O R I C T O N N E S 750 Beef & Veal Production (E28 Slaughtering) - Tonnes Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source : EStat-Newcronos

7 P R I C E S C A R C A S S E S E.U. E V O L U T I O N Y O U N G B U L L A.R Source : Member States A - R 3 > Wk Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in week 36 : Average price in August 2014 : % change y/y : - 4.0% % change y/y : - 3.4%

8 P R I C E S C A R C A S S E S E.U. E V O L U T I O N S T E E R C.R Source : Member States C - R 3 > Wk Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in week 36 : Average price in August 2014 : % change y/y : - 7.6% % change y/y : - 7.8%

9 P R I C E S C A R C A S S E S E.U. E V O L U T I O N A / C. R3 % of Reference Price 190% /100 kg cwe % % % % % % Source : Member States AC - R 3 > Wk Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in week 36 : Average price in August 2014 : % change y/y : - 3.6% % change y/y : - 3.6% % Ref. Price in wk 36 : 167.2%

10 P R I C E S C A R C A S S E S E.U. E V O L U T I O N C O W D.O Source : Member States D - O 3 > Wk Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in week 36 : Average price in August 2014 : % change y/y : - 7.5% % change y/y : - 7.6%

11 P R I C E S C A R C A S S E S E.U. E V O L U T I O N H E I F E R E.R Source : Member States E - R 3 > Wk Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in week 36 : Average price in August 2014 : % change y/y : - 7.3% % change y/y : - 6.7% 310

12 P R I C E S C A R C A S S E S E.U. E V O L U T I O N All CAT GLOBAL VIEW Z R3 A R3 C R3 D O3 E R Source : Member States 200 Last Update : Week

13 P R I C E S C A R C A S S E S E.U. E V O L U T I O N COMPARISON

14 P R I C E S L I V E B O V I N E S E.U. E V O L U T I O N STORE CATTLE Store cattle ( /100 kg live weight) Source : Member States Store cattle > Wk. 36 Jan Feb Avg Mar Apr May Jun 2012 Jul Aug Sep Oct 2013 Nov Dec 2014 Young Store Cattle Yearling Male Store Cattle Yearling Female Store Cattle Young Store Cattle Price in Week Yearling Male Store Cattle Price in Week Yearling Female Store Cattle Price in Week /kg live weight

15 P R I C E S L I V E B O V I N E S E.U. E V O L U T I O N Male Calves 8D4W Male calves aged between 8 days and 4 weeks ( /head) Source : Member States 8D4W > Wk.36 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Male Rearing Calves Beef type Male Rearing Calves Dairy type Male Rearing Calves Beef type Price in Week Male Rearing Calves Dairy type Price in Week

16 P R I C E S L I V E B O V I N E S E.U. E V O L U T I O N Butcher Calves Calves slaughtered before the age of less than 8 months ( /100 kg cw) Source : Member States Calves > Wk. 36 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Avg Price in Week / 100 kg of carcasse weight

17 uro/ head M A R G I N E.U. E V O L U T I O N Animal + Feed Purchase COST Remainder of: Selling price AR 3, minus costs for calf purchased and feedcost for grain fattening 600,00 500,00 400,00 300,00 200,00 100,00 0,00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Extra gain of FCR between 7-6 Remainder Young Bulls A.R 3 Calf price when purchased average remainder incl. extra gain Intensive Feedcost x*6

18 uro/head M A R G I N E.U. E V O L U T I O N Animal + Feed Purchase COST Remainder of: Selling price AR 3, minus costs for calf purchased and feedcost for grain/ grass fattening 600,00 500,00 400,00 300,00 200,00 100,00 0,00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Extra gain of FCR between 7-6 Remainder Young Bulls A.R 3 Calf price when purchased Pasture Feedcost x*6 average remainder incl. extra gain

19 T R A D E E.U. E X P O R T S Beef & Live Animals Destinations EU exports of beef and live animals (1): Trade figures (COMEXT tonnes cwe) Jan-Jul 14 Compared tonnes % tonnes % tonnes % tonnes % tonnes % to Jan-Jul 13 Russia % % % % % % Hong Kong % % % % % % Lebanon % % % % % % Ghana % % % % % - 9.0% Bosnia-Herz % % % % % % Switzerland % % % % % + 8.9% Ivory Coast % % % % % % Algeria % % % % % % Libya % % % % % - 6.6% Angola % % % % % % For.JRep.Mac % % % % % + 5.0% Israel % % % % % % Norway % % % % % % Uzbekistan % % % % % + 1.6% China % % % % % + 4.2% Turkey % % % % % % Other Destinations % % % % % EXTRA EU % change + 32% - 19% - 11% %

20 Tonnes cw 1,000 EUR T R A D E E.U. E X P O R T S Beef & Live Animals EU exports of beef and live animals: Trade figures (COMEXT) EU EXPORTS of Beef & Veal (Tonnes cwe) EU EXPORTS of Beef & Veal (1000 EUR) Jan-Jul 12 Jan-Jul 13 Jan-Jul Jan-Jul 12 Jan-Jul 13 Jan-Jul Russia Hong Kong Lebanon Ghana Turkey Other destinations Russia Hong Kong Lebanon Ghana Turkey Other destinations

21 in Tonnes cwe T R A D E E.U. E X P O R T S B e e f P r o d u c t s EU-28 Exports of BEEF products Jan Jan Jan Jan Jan Jan Jan Jan Jan LIVE ANIMALS FRESH FROZEN PREPARED OTHERS

22 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14 Jul 14 T R A D E E.U. E X P O R T S B e e f t o R U S S I A EU beef Exports to RUSSIA Trade figures (COMEXT data) tonnes cwe Live animals Fresh Bovine meat Frozen Bovine meat Beef Offals TOTAL

23 T R A D E E.U. I M P O R T S Beef & Live Animals EU imports of beef and live animals (1): Trade figures (COMEXT tonnes cwe) Origins Jan-Jul 14 Compared tonnes % tonnes % tonnes % tonnes % tonnes % to Jan-Jul 13 Brazil % % % % % - 1.5% Uruguay % % % % % % Argentina % % % % % % Australia % % % % % % USA % % % % % + 2.1% New Zealand % % % % % - 4.0% Namibia % % % % % % Switzerland % % % % % % Botswana % % % % % - 7.6% Canada % % % % % - 7.3% Ukraine 0 0.0% 0 0.0% 0 0.0% 0 0.0% % +++ Chile % % % % % % Serbia % % % % % % Norway % % % % % % Russia % % % % % + 5.4% Iceland % % % % % % Swaziland % % % % % % Other Origins % % % % % EXTRA EU % change - 15% - 5% + 9% - 2.6%

24 T R A D E E.U. I M P O R T S Beef & Live Animals EU imports of beef and live animals (2): Trade figures (COMEXT) IMPORTS of Beef & Veal into EU (Tonnes cwe) IMPORTS of Beef & Veal into EU (1000 EUR) In Tonnes cwe in 1000 EUR Jan-Jul 12 Jan-Jul 13 Jan-Jul 14 0 Jan-Jul 12 Jan-Jul 13 Jan-Jul 14 0 Brazil Uruguay Argentina Australia USA Other origins Brazil Uruguay Argentina Australia USA Other origins

25 Tonne T R A D E E.U. T R A D E B A L A N C E Beef & Live Animals Trade balance of beef and live animals IMPORTS EXPORTS IMPORTS EXPORTS Jan Jan- Sep Jul

26 W O R L D B E E F M A R K E T EXCHANGE RATE INDEX / Euro Main Trading Partners Index of monthly exchange rates of the main trading partners compared to the uro notification on the 1st of the month January 2008 = ,0 100,0 80,0 60,0 I 2008 I 2009 I 2010 I 2011 I 2012 I 2013 I 2014 Real US$ Ruble AUS$ CDN$

27 Chile South Korea EU Canada Japan Mexico (up to Jun) Russia (up to Apr) Japan Mexico (up to Jun) South Korea Russia (up to Apr) EU Canada Chile Qty in 1000 Tonnes United States China + H. Kong United States China + H. Kong W O R L D B E E F M A R K E T E.U. I M P O R T S BEEF MAIN IMPORTERS Source : GTA * Excluding live animals (0102), fats, preparations of several types of meat (0209, and ) Main Importers of BEEF Products (up to July) * Excluding live animals (0102), fats, preparations of several types of meat (0209, and ) No 2103 figures available for : Mexico, Taiwan, Chile, (up to July) 2014 (up to July)

28 EU Canada Paraguay Argentina China + H. Kong Uruguay (up to Mar) Canada EU Paraguay Argentina China + H. Kong Uruguay (up to Mar) New Zealand New Zealand Brazil India (up to Jun) Qty in 1000 Tonnes Australia United States Brazil India (up to Jun) Australia United States W O R L D B E E F M A R K E T E.U. E X P O R T S BEEF MAIN EXPORTERS Source : GTA * Excluding live animals (0102), fats, preparations of several types of meat (0209, and ) Main Exporters of BEEF Products (up to July) * Excluding live animals (0102), fats, preparations of several types of meat (0209, and ) (up to July) 2014 (up to July) 0

29 W O R L D B E E F M A R K E T STEER PRICES US & EU weekly US & EU Steer prices in uro/100kg carcase Steers lb Omaha (Nebraska) Feeder Steer lb Oklahoma City EU Beef C R3 Steers lb Okla/ Tex Canada: All Steers (agr,gc,ca) Australia: All Steers New Zeal. Avg steers T2 NI & SI

30 uro/ 100kg W O R L D B E E F M A R K E T ADULT MALE BOVINE PRICES Brazil Argentina Uruguay EU Market prices for Adult Male Bovine in Brazil (Pecuaria.com.br), Argentina (abc-consort), Uruguay (Inac) and EU Year 2009 Year 2010 Year 2011 Year 2012 Year 2013 Year 2014 EU Beef A/C R3 Media Res Novillo (Inac Uruguay) AVG Arroba do Boi (6 St) (Pecuària.com.br) (abc-consort) Argentina Novillo

31 High Quality Beef Import Quotas Hilton Quota Regulation (EU) No 593/2013 Quantity allocated (tonnes) 2012/ / /2015* Order number Origin Use Use Use Australia % - 0.0% - 0.0% Argentina % % % Argentina % % % Australia % % % Uruguay % % % Brazil % % % New Zealand % % % Canada/US % % % Paraguay % - 0.0% - 0.0% Total Beef % % % Total Buffalo % % % Total % % % *Until 31/08/2014

32 High Quality Beef Import Quotas Quota ergaomnes Regulation (EU) No 481/ Q Q Q Q2 TOTAL Gatt Available Use 71.3% 71.5% 65.5% 73.1% 70.3% 2013-Q Q Q Q2 TOTAL Gatt Available Use 84.6% 87.1% 85.9% 85.3% 85.7% 2014-Q Q Q Q2 TOTAL Gatt * Available Use 74.3% 0.0% 0.0% 0.0% 18.6% * Until 11/09/ Q3 Q4 Q1 Q2 Gatt Gatt Gatt *