BRUSSELS, Belgium – Citing higher prices and a tight market, the European Union (EU) announced it will cut export subsidies for beef by 33 percent, according to a report from Bloomberg.

The European Commission (EC) said export refunds for beef carcasses will drop to 163 euros ($213) a metric ton from 244 euros ($321). The EU will also reduce rates for deboned, fresh and other beef cuts.

The EC said refunds for processed pork products, including hams and sausages were cut to zero, and export subsidies for eggs were lowered on higher prices due to a shortage, Bloomberg said.

Subsidies for poultry were unchanged, with the subsidy for frozen chicken remaining at 325 euros ($427).