September 29, 2008
US imported beef prices fall
The US imported beef market fell last week due to low traded volumes.
Fall in fresh domestic product prices has affected buyers' willingness to purchase imported beef at current prices. Fast food restaurants and retail outlets also have a flat demand.
Last week, 90CL cow meat fell 3.5 cents to 161 cents per pound CIF, falling by a larger proportion in Australian dollars - down 33 cents to 319.5 cents per kg FAS - as the currency appreciated slightly.
Looking forward, there are a few bearish factors that would impact the US imported lean manufacturing beef market, such as increasing domestic supplies, uncertainty in currency markets, weak demand and lower poultry prices.
