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Beef export volumes holding up in aftermath of BSE
Story Date: 5/8/2012
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Source: Rita Jane Gabbett, MEAITNGPLACE, 5/7/12
USDA’s weekly beef export data indicated no immediate export damage from last month’s discovery of a fourth U.S. cow infected with bovine spongiform encephalopathy (BSE), according to the CME Group’s Daily Livestock Report.
USDA reported 18,600 metric tons of beef products were exported the week of April 22, up 5.7 percent from the previous week and 28.3 percent higher than a year ago.
To date, Indonesia is the only country to restrict imports of U.S. beef imports due to the BSE finding. No major U.S. beef markets have blocked imports, despite some political rumblings in South Korea.
“The ‘settling’ of beef export issues has provided a much needed lift to carcass beef prices,” the DLR analysts wrote, noting the average for the Choice 600-900 pound cutout moved back to $190 per hundredweight the week of April 22 for the first time since late March. It had reached a record-high of $198.51 the week ending March 6 just before lean finely textured beef (LFTB) uproar began.
The analysts also noted 50 percent chem lean trimmings were quoted at $85.73 per hundredweight on Thursday —a huge recovery from the less than $50 per hundredweight just three weeks ago but still well below their $100-plus value just prior to drop in demand for LFTB.
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