June 30, 2008

 

Australian beef prices on the rise in Malaysia, Indonesia
   
  

Australian beef prices have risen in both Malaysia and Indonesia as global grain prices and fuel costs continue to move up.

 

Australian beef trading in Malaysia rose 4-18 percent higher at wholesale on-year. Surging global grain prices and the recent fuel price hike have led to the increase of local and imported meat prices over the past month.

 

Chilled Australian wholesale beef prices averaged 4 percent on-year, including a 18-percent rise in striploin value at RM 44.6 (US$13.6) per kg and a 2-percent increase in knuckles at RM 17.9 (US$5.5) per kg. The strong Australian dollar has also contributed to the rising prices.

 

Wholesale beef prices during June in Indonesia were also stronger than June 2007, with chilled Australian beef prices soaring by 39 percent.

 

Wholesale price of chilled Australian cube roll leapt 71 percent on-year to an average of IDR 243,000 (US$26.5) per kg. Frozen Australian beef prices also rose 4 percent on-year, traded at IDR 52,500 (US$5.72) per kg. Value of frozen Australian striploin remained stable at IDR 120,500 (US$13.1) per kg.

 

Beef prices also moved up in Indonesia's retail outlets, with Australian beef rising 8 percent on average, New Zealand beef rising 7 percent while prices of beef from imported cattle soared 17 percent.

 

In addition, higher beef prices combined with rising fuel costs have led to more consumers in Indonesia substituting beef with chicken.

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