US imported beef trades at a discount
18 August 2017
US imported beef prices continued to edge lower this week, underpinned by cautious US end users remaining reluctant to offer bids for imported product at a time when domestic fed cattle prices are on a downward trend.
The imported 90CL beef indicator moved 1US¢ lower from week-ago levels, to 200.11US¢/lb CIF (down 7A¢, to 559.46A¢/kg CIF).
Spot availability from Australia and New Zealand remains relatively limited, particularly from New Zealand as the end of the production season there approaches.
Despite a modest increase in supplies out of Australia, Steiner Consulting Group forecast the downward trend in imported beef prices to continue. US end users remain apprehensive in booking product for the coming month, as a result of declining US fed cattle futures.
Imported lean 90CL frozen beef is now trading at a significant discount to domestic fresh beef, reported to be as much as 25 US¢/lb – the largest spread so far this calendar year.
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