Slow week for US imported beef market
05 November 2015
With the annual Meat Importers Council of America meeting held in Washington, DC this week, the weekly report by the Steiner Consulting Group notes that imported beef trading has been particularly slow in the last few days.
This could be a large part of the reason why most prices quoted were slightly higher this week – perhaps another week will be more appropriate to determine whether the market fall has been arrested.
The imported 90CL cow beef indicator was 2.5US¢ higher this week, at 195US¢/lb CIF – the first time it has increased, in US$ terms, for eight weeks. In A$ terms, the indicator was 7.7A¢ higher, at 600.4A¢/kg CIF.
The futures markets for both feeder and fed cattle remain volatile – recording a sharp drop this week, after poor trading conditions at the beginning. For the domestic lean beef supply situation, the cow and bull kill has lifted slightly, but not anywhere near the normal seasonal jump, so far. This could still occur, with another six weeks before the normal holiday slowdown.
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