December 3, 2007

Slow market for US grinding beef

Imported beef trading in the US remains sluggish as product offerings from Australia are tight, while New Zealand offerings are slowly increasing, according to Meat and Livestock Australia.

Offerings from Uruguay continue to be light, with a shift to markets other than the US. The current Uruguay shipments will go to filling orders already on the books.

Normally, US grinding beef prices tend to move higher into December. There is no evidence of this at the moment, principally due to the on-going liquidation of the US beef and dairy cow herds.

The imported 90CL price fell slightly to US$1.28/lb (CIF) this week, close to the domestic beef equivalent of US$1.26.