November 7, 2011

Australia's weekly cattle prices moderate

National heavy steers averaged 3 cents (3.12 US cents) lower last week, at AUD3.46 (US$3.60) per kilogramme cwt, while the EYCI remained above AUD4 (US$4.16) cents for the entire week.

Improving beef demand from the US and other markets reportedly lifted offer prices for Australian beef to Japan last week. Interest for frozen beef was particularly strong across the markets, with Japanese buyers having to compete for 85CL and other popular items in order to secure products for the higher beef demand season (late November and December).

There was a noticeable kick in US imported beef prices last week, as buyers chased more product - which was reportedly met with renewed vigour by suppliers.

Australia exported a total of 12,237 tonnes swt of beef to Korea - with chilled beef totalling 2,817 tonnes swt (DAFF). Export volumes in October were up 1% on-month and 26% on-year, with the frozen portion increasing strongly in the last two months.

From January to October this year, Australia shipped 121,420 tonnes swt of beef to Korea - increasing 21% over the same time last year.