October 8, 2007

US beef market still sluggish

The Meat and Livestock Australia (MLA) said US manufacturing meat business has been generally slow last week, with the ground beef sector being especially slow in both foodservice and retail, according to both importers and US domestic meat suppliers. This has been compounded by the major recall of Topps frozen ground products and the national media coverage it has generated.

Supplies from New Zealand and Uruguay in the US are light because of low slaughter in both countries, and better returns on offer from other markets.

The fresh domestic lean boneless market was lower again this week, with 90CL beef prices at US$1.28/ per pound, down 1 cent but 3.3 cents higher than last year. Despite lower supplies, there is concern that product is being put on the market faster than it is being absorbed.