Korean Cattle Herd Remains High19 July 2013
SOUTH KOREA - The trade in the Korean wholesale market was reportedly quiet this week, due to lower interest for imported beef, according to Meat and Livestock Australia.
Australian short rib prices this week remained firm on last week, but still at high levels around KRW 11,500/kg. In contrast, US short rib prices eased one per cent at KRW 14,800/kg, partly triggered by increasing interest for US chuck roll.
Reflecting shifting interest for the cuts, this week’s US chuck roll prices rose two per cent week-on-week, at KRW 8,200/kg.
On the back of higher demand for US chuck roll, Australian chuck roll prices were down slightly (one per cent) on the previous week, at KRW 8,200/kg.
Hanwoo carcase prices were up two per cent on last week but still three per cent lower than the same week last year, at KRW 12,410/kg, with pig carcase prices falling two per cent week-on-week, at KRW 4,335/kg.
Despite the Korean Governments effort to reduce the national cattle and pig herd, numbers have reportedly remained high (Nongmin Shinmun).
The report suggests the number of Hanwoo cattle during the second quarter of 2013 was 2.9 million head, with additional 100,000 head on the first quarter of 2013.
On the back of an increase in Hanwoo cattle, Hanwoo slaughter during the first half year of 2013 increased 17 per cent year-on-year, to 454,214 head.
Given Korean cattle slaughter levels are traditionally higher during the second half of the year, annual Hanwoo slaughter is reportedly expected to exceed 1 million head during 2013.
TheMeatSite News Desk