October 29, 2007

Steady beef demand for South Korea

With the suspension of quarantine inspections of US beef still in effect, beef stocks in Korea are said to be extremely low, according to Meat and Livestock Australia (MLA). Exporters reported steady demand, continuing the lift after this year's good Chuseok season.

Australian beef prices increased on the Korean wholesale market, due to limited supplies. Chuck roll and clod were particularly popular, creating a shortage in the market. The current tight market situation is likely to continue for a while, despite end-users' hopes of more affordable prices. The end-of-year peak demand season is fast approaching, and US beef seems unlikely to be on the shelves for some months.