Hanwoo beef prices forecast to surge 14.5% ahead of Chuseok

  • Hanwoo beef prices are rising as holiday demand meets declining cattle supplies.
  • 22,500 Korean won per kilogram is the forecast annual Hanwoo wholesale price, up 14.5%.
  • Government agencies plan expanded supplies of beef, pork and eggs before Chuseok.

Prices of livestock products are rising ahead of Chuseok, increasing pressure on household budgets. The Korea Rural Economic Institute's Agricultural Outlook Center forecasts this year's Hanwoo wholesale price at around 22,500 Korean won per kilogram, up 14.5% from last year. During the Chuseok peak season, prices could reach 24,000–25,000 Korean won per kilogram, an increase of 14.3–19.0%. Consumer prices have already climbed, with Hanwoo tenderloin at 15,308 Korean won per 100 grams as of September 4, up 19.9% year on year. Sirloin rose 22.6% and yangji, commonly used for jangjorim, increased 17.7%. Lower cattle numbers, reduced breeding after an earlier price collapse and higher feed costs are restricting supply. This year's slaughter count is 864,000 head, down 8.8% from last year and 5.0% from the annual average, while fourth-quarter slaughtering is projected to fall 14.1% year on year to 178,000 head. Imported beef is also becoming more expensive, with U.S. chilled chuck eye roast at 4,019 Korean won per 100 grams, up 20.1% from last year. Egg production costs are easing as output recovers, but retail prices remain elevated: a 30-egg carton averaged 7,199 Korean won on September 4, up 3.7% year on year. The government plans to supply 22,000 tons of beef, a record 67,000 tons of pork and 4,900 tons of eggs ahead of the holiday.

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Hanwoo beef prices forecast to surge 14.5% ahead of Chuseok - CoinPost Terminal