Meat Prices in Thailand Show Signs of Recovery Following Floods and Vegetarian Festival

Key summary

Domestic meat prices in Thailand are recovering after a two-week downturn driven by flooding in some areas and the Vegetarian Festival. Pork prices fell 3% to 64.50 baht/kg before the festival ended, then rebounded 1.6% to 65.50 baht/kg as flood conditions eased. Chicken meat remains at 43.50 baht/kg. KGI Securities forecasts average pork prices of 67 baht/kg in 2026 and 70 baht/kg in 2027, while chicken meat is expected to average 41 baht/kg for both years. Corn prices rose 4% to 10.30 baht/kg, but the government has proposed four support measures worth 120.30 million baht for the 2026/2027 planting season to stabilize domestic supply. Global soybean meal prices increased 3% to $357/ton due to strong Chinese demand, while USDA global soybean production estimates for the 2026/2027 marketing year rose slightly to 442.7 million tons. KGI maintains a positive investment outlook on meat producers, highlighting GFPT as an outperform with a target price of 12.60 baht and recommending BTG with a target price of 25.40 baht.