Trading on US imported beef market remains slow
08 September 2016
Prices for imported beef in the US market were steady to slightly lower this week, according to the Steiner Consulting Group’s weekly report commissioned by MLA.
The imported 90CL beef indicator eased 1US¢ from last week’s levels, to 197.5US¢/lb CIF (down 9.3¢, to 570.5A¢/kg CIF).
Overall trading activity remains slow, with reports suggesting US end users are increasingly turning to domestic product. The seasonal trend is for US lean grinding beef values to decline in the fourth quarter of the year, and given the sharply discounted fed cattle futures, the Steiner Consulting Group report that US domestic beef prices are anticipated to be lower over the coming months. As a result, US end users are opting to stay short-bought and have lowered their bids for imported beef.
New Zealand beef supplies are now at the seasonal low point, which is providing some support for the imported beef market at present.
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