News
Rising prices in the US shift buyer focus to Australia 25 Jan 2010
Sharply higher US domestic lean grinding beef prices this week shifted buyer attention to imported product, resulting in a solid price rise for imported lean manufacturing beef.
Sharply higher US domestic lean grinding beef prices this week shifted buyer attention to imported product, resulting in a solid price rise for imported lean manufacturing beef.
CIF prices for Australian 90CL averaged 148US¢/lb CIF, up 5.5US¢/lb on last week. In AUS$ terms, prices increased 19A¢/kg over last week to reach 328.3¢/kg FAS.
Spot prices are reflecting the low shipments from Australia in November and December, and the current seasonal supply constraints.
Demand for ground beef has increased as is usual for this time of year; however, according to the Steiner Consulting Group, the outlook is uncertain especially if chicken supplies back up due to a Russian ban on US chicken.
US cow meat supplies have increased recently as high prices for grinding beef and lacklustre cattle prices continue to push more beef cows into the slaughter mix.
Meanwhile, US restaurants are predicted to post increased sales in 2010, according to a National Restaurant Association (NRA) forecast. The NRA expects industry sales to reach US$580 billion this year, a 2.5% increase over 2009 sales. Adjusted for inflation, however, sales are expected to be essentially flat.
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