What is the background overview of the market for beef and veal in Australia from the March quarter of 2020 to December quarter of 2021? Briefly describe the overview. The background description must be supported by data showing the beef and veal production; and the retail beef price from March 2020 quarter to December 2021 quarter. Quarterly data for the noted period can be downloaded from the following webpage http://statistics.mla.com.au/Report/List

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The Red Meat Advisory Council (RMAC) of Australia is concerned with lagging beef and veal production not being able to meet the demand and has resulted in higher prices (as shown below). Australia mla MARKET INFORMATION Retail meat prices MEAT & LIVESTOCK AUSTRALIA Quarterly Unit of measure: Ac/kg Source: ABARES (calculated using ABS data) Year Quarter Beef Chicken Lamb 2020 2203.22 569.37 1819.18 2 2178.48 561.96 1823.49 3 2235.69 670.96 1842.19 2302.17 564.07 1794.73 2021 2387.20 567.78 1849.38 2472.24 565.13 1856.57 w 2479.97 568.84 1859.45 2487.70 559.31 1853.69 Last available data are for December 2021