October 28, 2008

Australian beef export prices in US$ gradually fell this week, with a 13 percent decline in grass fed full sets and 6 percent in short fed full sets. Overall trading was slow and the market is getting accustomed to recent falls in the A$.

Stocks of frozen Australian beef, particularly trimmings that had been bought at peak prices are reportedly high in Japan, resulting in reduced inquiry.

Rather than creating greater demand, the fall in the A$ has triggered procrastination in the Japanese wholesale market, as end-users wait for the further decrease in prices for Australian beef.

Chilled wholesale beef prices were mostly unchanged or slightly down from last week, while frozen brisket prices reduced 3 percent from last week.