July 12, 2010

Korea sees let-up in beef trading

Subdued beef consumption during summer and solid beef stocks as a result of increasing beef imports this year have eased Korean beef trading activity.

Subsequently, prices for the majority of imported beef cuts decreased in the Korean wholesale market this week. The most significant drop in value was for imported short ribs, after registering price hikes from the start of this year until early June.

Currency volatility is currently gripping both Australian beef exporters and Korean importers. Reportedly, the Korean won was at a two-week high on July 8 - responding to news that US retail sales rose from January to June this year. The Australian dollar also jumped on the same day, to a weekly high of over 87US¢.