August 30, 2004

Australian Meat Group Confident About Local Beef Industry

Meat and Livestock Australia (MLA) is confident the local beef industry will not be severely affected when the US re-enters the Japanese market later this year.

MLA has released its mid-year projections, forecasting a bright future for the beef industry in Australia.

MLA's chief market analyst Peter Weeks says cattle and beef prices are close to the 2001 records, production is up and export numbers are also high.

"That's likely to change early next year if that's when the US gets back in. But pretty strong demand in the US and Australia as well as falling supplies globally will keep prices above historical averages," he said.