Lower bids on US imported beef market

Imported beef prices in the US were mostly lower this week, according the Steiner Consulting Group’s weekly report commissioned by MLA.

The decline in prices, however, was predominantly due to US importers seeking lower bids – rather than overseas packers reducing their prices. In fact, with Australian beef supplies remaining tight, Steiner reports that other markets are paying well above what the US is willing to at present. This is particularly the case for fattier grinds, which has seen a reduction in the availability of imported 80CL, 75CL and 65CL.

Supplies from New Zealand will start to pick up over the coming months, as the new production season there begins in October, while Australian cattle slaughter remains relatively tight and some packers are reportedly opting to push back against lower US bids.

The imported 90CL beef indicator eased 0.5US¢ on week-ago levels, to 190.5US¢/lb CIF (down 8.5A¢, to 555.7A¢/kg CIF).