US market steadying after falls last week
17 March 2016
There were small declines in the imported lean beef market this week, with some categories holding steady. Extra competition for Australian exporters came in the form of cheaper NZ product on the market, even though volumes traded did not increase significantly. The A$ continued its upward march, against expectations from earlier in the year, and fat trim prices maintained their gains from last week, adding some pressure to lean product.
The imported 90CL cow beef indicator was 0.5US¢ lower this week, on 195.5US¢/lb CIF (down 4.7A¢, to 573.0A¢/kg CIF), while 95CL bull beef dropped 1.75US¢ this week.
This week’s report for MLA by the Steiner Consulting Group suggested that the jump in 50CL prices will be relatively short-lived, and once Easter is over they will start to move lower again. The seasonal increase in demand for ground beef is expected to return this spring, with reports that ground beef will be featured more regularly at retail and support prices until June.
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