June 16, 2008

South Korean wholesale beef prices on the rise
   
  

Wholesale beef prices in South Korea has increased again this week, due to rising offer prices from Australia and the impact of the Australian dollar.

Prices for bone-in items rose as wholesalers tried to buy up volumes for Chuseok, a major South Korean holiday in September.

Stocks of imported beef are low due to inadequate purchases early this year in expectation of the return of US beef. However, with the ongoing beef trade dispute and civilian protests, US beef is now not expected to return to the market for sometime.

Exporters said there is increased interest from South Korean importers, now concerned on securing beef supplies for the Chuseok holiday.