More upward movement for US imported beef market

It was another strong week for the imported beef market in the US, with a combination of limited supplies available from Australia, New Zealand and Uruguay, and dearer domestic product, helping the market higher. The imported 90CL cow beef indicator was 8US¢ higher this week, at 204.5US¢/lb CIF (up 20.5A¢, to 627.0A¢/kg CIF).

The weekly report for MLA, from the Steiner Consulting Group, notes that domestic lean beef prices this year have moved up, but at a much slower rate than over the past three years, suggesting demand has been relatively sluggish. On the other hand, it also leaves room for the market to move higher before the start of the grilling season in the northern hemisphere spring.