April 30, 2007

South Korean trading "silent" over US beef shipments

The South Korean wholesale market experienced a very quiet week of trading as limited transactions made and wholesalers are waiting to see whether the latest shipment of US beef passes quarantine inspections (expected to take around two weeks). The previous three shipments were rejected due to the discovery of bone chips.

Wholesale prices of popular Australian beef cuts such as chuck roll, brisket, eye round and clod remained unchanged from last week, as there were only small volumes traded throughout the week.

Despite the commencement of chilled beef promotions by some retail outlets, weaker than expected demand has reportedly resulted in declining sales. Australian exporters also reported a quiet week with limited buyer interest.