Australian beef stocks tightening in Japan
28/05/2009
The Japanese trade reported thinning stocks of Australian beef in the market, with wholesale prices mostly being similar or slightly higher than a month ago, despite reduced interest from end users. In the beef offal market, Australian frozen tongue prices have been recovering since April, reaching 1,525 yen/kg this week (up 67% from two months ago, but 12% lower year-on-year).
Australian export inquiries from Japan for tongues and other offal items were strong this week, along with ongoing interest in briskets, particularly navel-end (mainly used for gyudon beef bowls).
On Japan’s economy, the Cabinet Office of Japan raised its economic assessment – the first month-on-month increase since February 2006 – but remained cautious about the future. A pickup in external demand and a fall in corporate inventories contributed to the improved assessment, while concerns over slowing consumer spending and rising unemployment (4.8% as of March) are still strong.
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