But according to Rabobank Food & Agribusiness Research's senior protein analyst Wendy Voss, tight cattle numbers in Brazil and the United States, and the drop in the $A from near-parity in 2008 to about US70 cents are offering some relief.

Speaking at last week's Beef Symposium at Naracoorte, SA, she said livestock producers in several countries had faced pressure on margins in recent years from a combination of drought and high grain and other input costs.

This had taken some time to filter through the system but was expected to really impact on supply this year.

"If it was not for this global financial crisis, 2009 would have been a great year for cattle prices but what it has meant is it has offset some of the effects along with the $A," she said.

"If it was just Australia and it was just cattle producers facing this problem you'd think we can't cut it, but obviously there has been an inequity in livestock prices compared with prices for some other commodities and inputs.

"With demand for meats expected to rise in the medium to long-term we will need to see the balance redressed."

For the first time since World War II the International Monetary Fund was forecasting falling global economic growth in 2009 and the earliest signs of a recovery are not expected until early 2010.