US imported beef market drifts lower

The US imported beef market moved lower this week on the back of limited offerings from overseas packers and a lack of interest from US end users, according to the Steiner Consulting Group’s weekly report for MLA.

Offerings from Australia remain lower than year-ago levels due to a reduction in cattle availability, while New Zealand cattle slaughter is now at the seasonal low point. Supplies from Uruguay and Central America are also reportedly tight.

Limited availability of imported beef is expected to underpin prices over the next few months. However, an anticipated decline in US domestic beef prices, as US beef production continues to grow, will maintain pressure on the imported beef market.

This week, the imported 90CL cow beef indicator eased 0.5US¢, to 199.5US¢/lb CIF (down 1.9A¢, to 573.8A¢/kg CIF).

Market participants surveyed by the Steiner Consulting Group described business as fairly slow, although typical for mid-August, and trading is expected to pick up in September.