US imported-beef prices surge

The US imported beef market advanced strongly this week, amid a further tightening in supplies.

The strong start to the year in imported beef prices, ongoing US dollar, credit and demand concerns has seen US end users and importers limit forward meat orders, causing pipeline supplies to drop. This is now a very bullish factor for the imported beef market moving forward, as the Memorial Day holiday weekend and summer ‘grilling' season is only a little over a month away.

While prices across all imported categories have lifted this week, the imported chilled inside cap off indicator is worth particular mention, as prices have jumped US¢35on last week, to US¢232.5/lb CIF.

The imported 90CL indicator moved US¢8 higher on last week, to US¢170/lb CIF, whereby in Australian dollar terms it jumped A¢14.5, to A¢374.1/kg FAS – up 36% since its low in October.