US Imported beef prices steady on light trading

Trading conditions for US imported beef have been fairly muted this week, following Thanksgiving celebrations but also characteristic of trading conditions at this time of year.

Prices have therefore remained steady this week, with Steiner Consulting Group reporting that the imported 90CL beef indicator eased 0.5 US¢ from week-ago levels, to 192.0US¢/lb CIF (down 5.6A¢, to 568.0A¢/kg CIF)

Spot supplies of imported beef remain extremely tight and end users seeking large quantities are increasingly looking at the domestic market to fill these orders.  Prices moving into late January and through to February are reported as significantly lower than current spot values, as there are expectations for imported supplies to increase.

Higher fed beef prices have indicated that demand in the US is strong and large weekly slaughter numbers provide further optimism. However, Steiner Consulting Group reports the price of competing proteins (pork and chicken) could negatively impact ground beef business in the New Year. Pork and chicken breast prices in retail at present are 27% and 32% lower, respectively, than the 2007 average, whereas ground beef is currently 46% higher over the same period.

Steiner Consulting Group reports that seasonal offerings from New Zealand remain strong despite a rather slow start, and recent slaughter numbers indicate more bull meat will become available in January and February.

To view the latest Steiner report, please CLICK HERE.