Australian Grinding Beef Demand Rises Sharply
AUSTRALIA - Prices for imported beef in the US moved sharply higher this week as US end users competed strongly in a market lacking supply.
12 February 2010
1 minute read
CIF prices for Australian 90CL averaged 149.54US¢/lb CIF, up 5.5US¢/lb on last week, while FAS prices in A$ terms rose 12A¢/kg over the past week to 341.3¢/kg FAS.
A surge in domestic grinding beef values – in part due to severe weather conditions presently disrupting the US supply chain – led to a correspondingly rapid rise in imported beef prices.
The price rise is tempered with the observation that US buyers are tending to be hesitant to take positions too far out.
Meanwhile, demand for the grilling season, which traditionally gears up towards the end of February and generally marks an increase in loin cut use, remains uncertain.
TheCattleSite News Desk
