Trading conditions for beef in the Korean wholesale market remained subdued this week.
The vast majority of average prices for imported beef cuts, as quoted by the trade, were lower compared with last week.
Market reports indicated that high stock levels in the Korean market for all imported beef, combined with subdued consumer demand, continues to hamper Australia’s export volumes.
As at 21 May Australian beef exports to Korea totalled 5,904 tonnes swt (32% chilled).
Due to the US BSE discovery on 24 April, the Korean government stated last week that talks on expanding US beef imports are unlikely for the moment (Yonhap News).
Under the current beef protocol between the two countries, US beef is only imported from cattle under 30 months of age.
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