Japan's beef market quiet despite lower import prices

Japan's beef buyers have generally been quiet last week despite the fall in Australian dollar which eased the prices of imported beef.

Analysts said that the Japanese buyers' seemingly passive reaction is due to expectations of much lower prices and the busy selling of the remaining stock before the holiday Obon kicks off in Japan.

In the wholesale market, demand for frozen beef was firm. The average price of cow meat (85CL) eased from last week to JPY665/kg and 65CL remained unchanged at JPY550/kg.

For the chilled beef, demand for US cuts reportedly increased this week, particularly for chuck ribs and other barbeque items. The average US chilled chuck rib (choice grade) price increased 6 percent from a month ago, to JPY1,535/kg.

US$1 = JPY109.93 as of August 11, 2008