May 19, 2008

US buyers scrambling for beef as holiday nears

The effect of the significant decline in US beef imports during 2008 is finally being felt in the market, with US buyers desperate to secure product heading into the Memorial Day weekend in the last week of May, according to Meat & Livestock Australia.

Traditionally, the Memorial Day holiday period is the busiest weekend of the year for beef demand in the US, signalling the start of the US grilling season, the marketing agency said.

This would be a reversal from previous week, when US beef imports of Australian and Uruguayan product were down 22 percent and 88 percent on last year, respectively.

US import prices for Australia 90CL cow beef have reached 161US¢/lb CIF - 36 percent above last year.