Mexico: Livestock and Products Semi-annual

Lower feed prices are expected to boost producer profits in 2024, thereby increasing domestic beef and pork production. Beef imports are forecast to decrease, and pork imports are expected to remain nearly flat. Higher beef prices in 2024 are expected to constrain beef consumption to a marginal increase and lead to higher pork consumption as consumers shift from beef to relatively less expensive pork. Factors such as increased support from social welfare programs, less headline inflation, increased minimum wages, and hotel, restaurant, and institution (HRI) sector demand support beef and pork consumption.