June 23, 2008

US imported beef prices remained stable, with demand increasing as the Independence Day holiday draws closer.

Import prices for Australian 90CL cow beef is stable at US$1.67 per pound CIF but has fallen in Australian dollar terms by 3.2 cents per kg to AU$3.6 per kg FAS due to currency appreciation.

US domestic lean beef prices inched up over the week and are expected to move higher over the next few weeks due to lower US cattle slaughter but robust packer demand.