Ongoing shortfall in the US import market
29 June 2017
US imported beef prices edged higher this week, as a result of the ongoing supply constraints out of Australia and New Zealand. Firm prices have also been supported by the shortfall created from the suspension of all fresh and frozen beef imports from Brazil.
The imported 90CL beef indicator increased 2US¢ from week-ago levels, to 224.5.US¢/lb CIF (up 4A¢, to 651.24A¢/kg CIF).
Australia remains the primary source of lean grinding beef to the US, with seasonality limiting supplies from New Zealand and Uruguay. An increase in cow slaughter in Australia has seen a modest rise in offerings to the US; however Australian beef passed for entry in the US is back 32% for the year-to-date.
Robust competition from US market participants vying to secure product is ongoing, with higher bids from end users continuing to underpin imported beef prices.
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