Meatbox "Despite High Inflation, Hanwoo Prices Are Falling"…Analyzed with 10 Years of Data

Monthly 'Livestock Market Report' Released
Price Expected to Decline Until February Next Year
Slaughter Volume Up 11.5% Year-on-Year, High Supply

From this month, the price of Hanwoo is expected to decline and continue its downward trend until February next year.

Photo by Jinhyung Kang aymsdream@

The livestock direct transaction platform 'Meatbox' predicted through its livestock market report that Hanwoo prices will generally fall for about three months starting from mid-this month. Meatbox publishes monthly livestock market reports presenting price trends and forecasts for imported cattle, Hanwoo, pork, imported pigs, and poultry.

Despite the culling of more than 6,000 cattle due to recent Lumpy Skin Disease outbreaks, a decline in Hanwoo prices is anticipated.

The main reason behind this is the increase in slaughter numbers. From January to October this year, the number of cattle slaughtered reached approximately 781,000, an 11.5% increase compared to the previous year. The supply exceeding demand has influenced the market prices.

However, price trends vary by Hanwoo cut. The price of sirloin continues to decline, while the price of shank shows a steady increase.

Sirloin (Grade 1) was priced at 80,329 KRW per kilogram in September but dropped to 75,244 KRW in October, a 6.3% decrease. In particular, the wholesale price of Hanwoo castrated sirloin (Grade 1/refrigerated) in November fell by 13.8% compared to the peak in October. It is presumed that prices, which had risen due to the holiday season, are now sharply falling.

Based on past data accumulated over the last 10 years, Meatbox identified specific patterns through machine learning and forecasted that the wholesale price of sirloin this month will decrease by 8.5% compared to the previous month. It is expected that prices will slightly rise toward the end of the year due to increased dining-out demand.

On the other hand, the wholesale price of Hanwoo shank (female cattle, refrigerated) rose by 9% in the last month compared to October. Since this cut is used for soup, it appears that seasonal demand has increased. Meatbox predicts that this elevated price will be maintained for some time.

A Meatbox representative stated, "We aim to provide helpful information to small business owners and consumers through livestock market data analysis and continuous price monitoring," adding, "Meatbox plans to further expand its data analysis business based on the data and technological capabilities accumulated over a long period."

This content was produced with the assistance of AI translation services.