Cattle Futures: South Korean Discovery of Zilmax Ingredient Causes Prices to Drop, Wednesday10 October 2013
US - Export complications pressured prices on Wednesday following the news that South Korea had suspended quantities of US beef imports after the discovery of zilpaterol.
The growth enhancer is banned in Europe and across much of Asia but a 22MT shipment of beef was found to contain the feed additive.
This is according to ProFarmer analysts who attributed the zilpaterol revelation to cattle trading opening on the 'defensive'.
The analysts reported the shipment was the responsibility of the Colorado Swift Beef Co. plant, a subsiduary of JBS S.A.
October cattle finished down 27 cents and December cattle closed 37 cents lower, both finishing the day tied on $128.00.
Market news service, Urner Barry, reported a fall in boxed beef cut-out prices of 62 cents as select prices dropped 78 cents.
TheCattleSite News Desk