Imported Beef Cheaper to US17 June 2013
US - Prices for imported beef into the US were cheaper again this week, with some product quotes limited due to slow trading activity, according to Meat and Livestock Australia.
However, there were also reportedly signs that the manufacturing beef market is reaching a position that could see it improve by the end of the US summer.
This is welcome news, given that 90CL cow beef this week was quoted at 176.5US¢/lb CIF - 18.5US¢ lower than this time last year.
However, retail beef prices are still high as a result of a relatively tight supply of high end loin cuts, MLA said.
The main positive drivers for the US market outlook include: the relatively low price of ground beef compared to chicken breasts, which have been heavily promoted in recent months – giving potential rise to more beef burger promotions; and an expected decline in the availability of NZ beef as slaughter slows through winter.
Additionally, there has been an improvement in pasture conditions in a number of US beef cow producing states – 56 per cent of beef cows are in states with 40 per cent of pasture rated good to excellent, compared with 42 per cent just two weeks ago.
TheMeatSite News Desk