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  • Australian beef cattle begin their long uphill climb
  • • High prices caused a sharp upturn in cattle retention, the lowest slaughter rates since 1989 • Beef production is falling to its lowest level since 2003 • Falling domestic consumption, fewer live exports, higher finishing weights kept exports from falling further than they otherwise would have • Amid recovering inventories and downtrending cattle returns, slaughter, beef production, exports should rebound from 2018 onwards
  • Shifting gears in China's stagnant dairy sector: Momentum shifts from dairy powders to fluid milk imports
  • • Low farmgate milk prices, poor returns are causing milk production to slump, with much demand met from reconstituting WMP • With WMP stocks running down to nil levels, milk prices should firm up, with returns, production rising more strongly from 2018 onwards • Fluid milk imports for consumer consumption now exceed combined import volume of WMP and SMP. Will become even more important in the future • The running down of WMP stocks could spark a new dairy price cycle later this year but with foreign WMP at near parity with Chinese supplies, growth will be limited
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