July 24, 2008

US beef prices are climbing in both Taiwan and Hong Kong after South Korea lifted its ban on US beef imports in April.

The value of US wholesale chilled cuts in Taiwan rose 4 percent on-year in July and up 3 percent compared with April. US chilled intercostals prices surged 14 percent on-year and went up 4 percent compared with April to NT$240 per kg. US chilled shin shank prices also increased 5 percent on-year to NT$220 per kg.

US wholesale cut prices have increased significantly in Hong Kong during July compared with April; US frozen boneless short ribs and chuck roll jumped 26 percent and 22 percent respectively, to average HK$120 and HK$55 per kg. US frozen boneless short rib prices rose 29 percent higher on-year while values for loin cuts remained stable.

Wholesale trading Hong Kong has been limited in the past two months, as the cold storage has reached full capacity. Stocks are expected to remain high until the launch of Beijing Olympics 2008.

US$1 = HKD 7.799, NT 30.411 (July 24, 2008)