Supplies soften US imported beef prices
13 July 2017
US imported beef prices moved lower this week, primarily the result of increased availability from Australia.
The imported 90CL beef indicator eased 5US¢ from week-ago levels, to 222.0.US¢/lb CIF (down 17A¢, to 640.94A¢/kg CIF).
Australian exporters have been more willing to offer product available for delivery in late August and September, as concerns of limited supplies have somewhat eased recently.
Steiner Consulting Group reports an increasing number of US market participants were able to cover orders this week off the back of lower Australian asking prices. The appreciation of the Australian dollar is of some concern, but has not appeared to significantly impact the market.
US consumers’ appetite for domestic lean beef remains strong. Following the July 4th holiday (Independence Day), retailers took to promoting ground beef more extensively. Steiner Consulting Group reports a growing number of foodservice eateries are increasingly turning to domestic lean beef for their hamburgers.
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