June 16, 2008
US beef prices weaken in Japan on high supply, slow demand
US beef prices in Japan fell this week due to increasing supplies but slow demand from Japanese consumers.
Chilled US rib eye roll averaged JPY 2,025 per kg, down 5 percent from last week. US chuck eye roll also fell 9 percent from last week to JPY 900 per kg.
US beef exports to Japan in May increased to over 4,000 tonnes and it is expected to continue rising over the summer from July to August.
Despite overall low market demand, exporters said there have been ongoing inquiries for trimmings and briskets from Japanese buyers.
US beef prices is expected to remain low for several weeks before demand picks up with the end of the rainy season.
