August 30, 2010

US beef import market strengthened on tight supplies

Renewed supply concerns have pushed the US imported beef market higher last week, with tighter volumes from Australia, New Zealand and Uruguay adding to lower US cattle throughout.

Imports from Australia, Uruguay and New Zealand for January to late August were back almost 70,000 tonnes on last year, which has only been partly offset by increased volumes from Canada and Mexico.

The indicative 90CL US imported beef price rose for the seventh consecutive week, finishing at 165.5US¢/lb - the highest level since mid-May. In Australian dollar terms, prices jumped to 380A¢/kg, an increase of 7% during the past month.