July 28, 2008

 

Australia's beef export price to the US weakens
   
  

Australia's beef export prices to the US eased this week, the first decline in prices since late May, as domestic grinding beef values weakened.

 

Australian 90CL beef declined 1 cent per pound last week to US$1.86 per pound. A lower Australian dollar saw returns to exporters increasing by nearly 5 cents to US$3.81 per kilogramme, up 39 percent on-year.

 

Seasonal decline in production continues to see low offers from New Zealand and Uruguay. However, high US cow slaughter and rising grinding beef supplies have made up for some of the decline in imports.

 

Imported beef are expected to remain tight for some months, which would maintain pressure on high import prices.

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