US Imported beef prices hold firm
25 July 2018
US imported prices were firm this week, with limited offerings compared to recent weeks. The imported 90CL beef indicator was up US1.5¢, to US194.5¢/lb CIF (up AUD5.8¢ at AUD578.96¢/kg CIF).
New Zealand supplies were higher than expected at the end of June and early July but have now begun to wane and are anticipated to remain lower through September. Lower New Zealand supplies will be offset by increasing production in Australia, particularly of manufacturing beef as female slaughter has increased in recent months as dry conditions persist.
The latest USDA cattle inventory report showed that US cattle numbers continue to expand but, based on Steiner Consulting’s interpretation of the report, beef production growth will likely slow down in 2019 and 2020. If exports continue to expand at the rate seen in 2017 and 2018, while imports stay flat, US per capita beef availability will likely remain steady next year and likely decline in 2020.
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