Meat Industry INSIGHTS Newsletter

981293 S.Korea Buys 10,836 Tonnes of Frozen Beef

December 28, 1998

Seoul, Korea - South Korea's state-run Livestock Products Marketing Organisation said it bought 10,836 tonnes of frozen beef through tenders on December 24.

An LPMO official said the organization bought 4,679 tonnes of U.S. beef, 144 tonnes of Canadian beef and 6,040 tonnes of Australian beef.

For U.S. and Canadian frozen beef, chuck roll was bought at an average of $2,486 a tonne on a cost and freight basis (C&F), short rib (choice) at $3,153, short rib (select) at $3,192 and short rib (ungrade) at $2,910, he said.

Australian grain-fed, bone-in frozen beef was bought at $1,693 a tonne C&F, grass fed fullsets at $2,375 and grass fed bone-in beef at $1,543, he said.

The purchase was split into three lots -- the first one for 3,472 tonnes with shipment by June 10, the second for 3,436 tonnes by June 20 and the third for 3,955 tonnes by June 30, he said.

Arrivals were set for Seoul (8,093 tonnes) and Pusan (2,770 tonnes).

Slaughtering date for the first shipment was set for later than March 10, the second shipment for later than March 20 and the third shipment for later than March 30.

This Article Compliments of...

Iotron Technology Inc.

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