US beef market remains weak
19 November 2015
It was another week of lower beef prices in the US, for both domestically-produced and imported product, according to the Steiner Consulting Group’s latest report for MLA. Further to this, the cattle futures market remains in a state of flux, with sharp movements up and down from day-to-day as the market shows no clear direction as to where it is headed.
While volumes of beef leaving Australia for the US have been very low in recent weeks, especially relative to the extremely large shipments earlier this year, this has not had an upward impact on price movements, as might normally be expected in a limited supply situation. Large cold storage inventories have end users still working through beef purchased earlier in the year, at higher prices.
This week, the imported 90CL cow beef indicator was 190US¢/lb CIF, up 0.5US¢ on last week (with the low end of quotes increasing and high end of quotes dropping). In A$ terms, this meant the indicator decreased 0.3A¢, to 589.4A¢/kg CIF.
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