US - The imported lean beef market in the US was generally lower again this week, based on Steiner Consulting Group’s weekly survey of traders, with a combination of very high volumes in recent weeks, the appearance of more NZ product on the market, and a quiet week due to Thanksgiving.
Meat and Livestock Australia said that the imported 90CL cow beef indicator was 2US¢ lower this week, on 275.5US¢/lb CIF (down 4.9A¢, to 676A¢/kg FAS), while domestic 90CL beef was reported as 296.5US/lb.
US cow slaughter remains very low, supporting domestic lean beef prices, and this is expected to continue well into 2015, provided drought conditions improve through the 2015 summer.
Cold stores of beef in the US remain much lower than they have been over the past few years, and some buyers are still trading on close to a hand-to-mouth basis, which was part of what led to the very high price rises through 2014. Steiner notes that the demand for ground beef usually picks up early in the New Year (positive for the majority of Australian product into the US), following higher spending on premium cuts over the holiday period.
TheMeatSite News Desk