Buying interest for beef increases in Japan

Japanese inquiry for Australian beef increased this week, largely driven by declining inventory levels in the market.

Buyer interest in frozen briskets and trimmings was strong, but overall supply remained limited.

In the Japanese wholesale market, reduced availability lifted the price of US chilled chuck eye roll (choice grade) this week; it traded at around JPY820/kg (US$9.08), up JPY20 (US$0.22) from last week and the highest since April last year.

Australian chilled chuck roll prices were also firm, averaging JPY725/kg (US$8.03) for shortfed, and JPY1000/kg (US$11.08) for middlefed.

A recent consumer survey by the US Meat Export Federation revealed that the number of respondents who trust US beef increased by two percentage points from a year ago, to 28%.

In the same survey, 34% of respondents said they would not trust its safety (down one percentage point).