Prices for Australian beef in the Korean wholesale market were mostly lower this week as traders played wait and see with the return of US beef, while in Japan imports of beef slipped by 3pc during March.
Meat and Livestock Australia is today reporting exporters have received little interest from Korea this week as buyers sit back and await firm price indications from the US.
Sluggish consumption of beef is normal at this time of year further contributing to price falls in Korea.
The market is likely to be disrupted until US prices and volumes are clearly available to market players.
However, the uncertainty is already affecting prices, with MLA reporting Korean prices for bone-in short rib and intercostals declined by the greatest percentage, following the announcement that bone-in US beef would be imported by mid-year.
MLA says prices for boneless cuts were more stable, including eye round and rump.
But beef volumes purchased from Australia for May delivery are reportedly down, which will contribute to some price stability this month.
Meanwhile, Japanese beef imports were 40,459 tonnes (shipped weight) in March, down 3pc from the same month last year.
MLA reports that the volume from Australia declined 6pc to 33,709t, or 83pc of total beef imports.
In contrast, shipments from the US increased 24pc to 2747 tonnes, according to Japan's Ministry of Finance.
SOURCE: Meat and Livestock Australia.
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