"There is very strong demand from markets coming on stream, particularly around North Asia, and for us, often that story is around China," Champion said.
Drought conditions in some parts of the world, but particularly in the United States, were a big part the supply/demand equation, he said.
"There has been significant drought in the United States over the last decade, although it has shifted around regionally," he said.
"Australia is going in to another dry spell and has seen a significant exports of beef of the back of de-stocking due to drought," he said.
Asked if the beef industry's price gains were sustainable, Champion said: "It's always hard to say, but certainly on the demand side there are some exciting things happening," he said.
"It's gone from a market that in terms of export volumes was not even in the top 15 to a market in the season just ended to number two on a volume basis," he said.
"That's been an astounding rise," he said.
Unlike its competitors in the poultry and pork markets, beef herds take a long time to rebuild - typically two to three years - after a big event such as a drought.
"There are some great demand side things as well but we are seeing a phase of very low stock numbers globally," he said.
Champion says the outlook for lamb was also favourable, although Beef and Lamb expects prices to steady somewhat at $103 per carcass in the current season from $100 in the 2013/14 season.
"Excellent growing conditions in the last two months will translate into favourable returns for sheep and beef farmers," he said.
