US imported beef prices holiday halt
06 July 2017
US imported beef prices held firm this week as a result of limited trading due to the July 4th (Independence Day) national holiday. The market was further supported by limited spot availability of lean grinding beef.
The imported 90CL beef indicator increased 3US¢ from week-ago levels, to 227.5.US¢/lb CIF (up 5A¢, to 656.47A¢/kg CIF).
With July 4th falling on a Tuesday, this reportedly resulted in many people also taking the Monday as a holiday in order to secure a long weekend. Consequently, Steiner Consulting reports the 90CL price as an early indication for the week, with increased levels of trading anticipated throughout the remainder of the week.
The seasonal decline in New Zealand slaughter continues to limit spot availability. Therefore, end users will have to wait until November before adequate grinding beef supplies return or in the interim look elsewhere for product.
US end users are increasingly turning to Australia in order to secure product, heightened recently by Brazilian beef being denied access to the US and the aforementioned seasonal decline in NZ. However, robust demand from Asian markets continues to see lower bids from US end users dismissed by Australian packers, who are remaining resolute with higher asking prices.
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