July 31, 2007
US beef sales sink prices of Korean cattle
The widespread sale of US beef in South Korea has further lowered prices of domestic cattle, according to authorities.
Agricultural officials say domestic cattle prices have ceased rising which since May. Prices have dropped again after large discount chains started selling US beef on July 13th.
Prices of calves dropped 2.2 million won per head on Thursday from over 2.3 million won early this month, while the price of a cow fell to 4.74 million won from over 4.8 million won during the same period.
US beef imports have recently jumped to over 1,000 tonnes a month from a mere 200 to 300 tonnes in May.
US$1 = 921.15 Korean won (as of July 31, 2007)
