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Spread continues to narrow in US beef market
07 July 2016
Prices for most lean beef categories reported by the Steiner Consulting Group in their weekly report for MLA were higher again this week – still being driven by limited volumes available in the US imported spot market. Imported beef is getting closer in price to domestic beef each week, with the customs cleared prices for some categories already higher than equivalent US beef products.
The imported 90CL cow beef indicator rose a further 2.5US¢ this week, to 204.5US¢/kg CIF (up 3.4A¢, to 602.2A¢/kg CIF). At a customs cleared level, imported 90CL cow beef was reported at 212US¢/lb, compared with US domestic 90CL beef at a weighted average of 216.55US¢/lb.
Beef business has been performing well at both retail and foodservice this US summer, with retailers featuring beef prominently and quick service restaurants reporting stronger sales than expected (Steiner Consulting and Urner Barry).
