US Imported Beef Prices Bucking The Trend
US - Imported lean manufacturing beef prices in the US have softened approximately 30¢ since April, which is contrary to the seasonal trend, whereby prices tend to increase leading into the Memorial Day holiday and summer 'grilling' season.
24 June 2011
1 minute read
Notably though, prices in US$ terms are still significantly higher than the five-year average and 2010 levels.
Based on the five-year average, the lean manufacturing beef market will soon be reaching its peak in prices for the year before they start to drop off from mid-July.
Given the unusually high prices at the start to the year, prices are still well above the five-year average, and it seems likely the lean manufacturing beef market in the US may have already seen its peak. This particularly resonates with reports of US protein demand slowing down, as recent US cold storage stock figures for May show beef, pork and poultry stock levels are all up on year ago levels (chicken breast stocks particularly).
Imported beef prices in the US this week have jumped up on week ago values, with reports from Steiner Consulting indicating US end-users this week were willing to secure more Australian product, as supplies from New Zealand become scarcer.
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