October 16, 2007

Beef demand in Korea remains strong

Beef demand in Korea was strong this week following the second suspension of US beef quarantine inspections last Friday (October 12), reports Meat and Livestock Australia (MLA). MLA says orders are expected to be seasonally high for the remainder of the year, due to low stocks in the market and the ongoing absence of large volumes of US beef. Similar to the past few weeks, demand and prices for bone-in items lifted while boneless cuts were stable.

Low stocks increased prices especially for short rib, chuck roll, eye round and clod. Retail distributors are keen about on getting beef products at reasonable prices for the rest of the year, as the offer prices from Australia increase, particularly for grainfed product.