December 3, 2007

Stronger beef trade in South Korea

The wholesale beef market in South Korea was firm last week, except frozen chuck roll and clod which moved a little lower with the adequate inventory.

Demand for short rib, a very popular item during the Lunar New Year period, continues to strengthen as importers and wholesalers foresee that US beef will not be available this year. For this reason, prices of short rib and other popular items are expected to increase until the end of the year.

Exporters reported strong enquiry for particular items such as short ribs and other bone-in items. However, supply of these popular items is limited as processors prepare to wind down for the year. Importers are currently purchasing to secure adequate supply in time for the peak demand over the Lunar New Year period in February.