January 14, 2008

Imported beef prices hike in the US

The cost of imported beef in the US strengthened over the past week as bidders return to the market following a slowdown in December.

Industry observers cite many factors pushing up the beef price in the US market, including the increase of imported beef prices.

With the world expecting the US economy to head to recession and the US Federal Reserve to cut further interest rates, added pressure will be placed on the US dollar and to the demand for imported beef, analysts said.