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Costco has moved all its beef sourcing in South Korea to US beef, a volume estimated at 15,000 tonnes annually that had previously come from Australia. Australian exporters say US cattle prices have fallen as the US herd rose to 93.6 million head, boosting US export competitiveness.
Lost Korean volume and a price-competitive US beef supply weigh on Australian beef export demand and cattle prices, while larger US beef output pressures US cattle prices.
beefcentral.comJon CondonFeb 22, 2017After 121 past bearish trade events, Live Cattle moved a median -0.6% over 5 sessions (40% higher; middle half -1.6% to +0.8%), and -0.3% over 20.
After 87 past bearish trade events, Feeder Cattle moved a median +0.4% over 5 sessions (54% higher; middle half -3.2% to +1.9%), and +1.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
