Among the big three markets, Korea stands out as a bright spot. But both Japanese and the US demand remain subdued, struggling under the twin influences of the high $A and weak demand from two countries still suffering from the depth of the world financial crisis.

Korea: Australian exporters were generally positive about the Korean beef market as both enquiries and purchasing remained strong this week.

For the first half of October, Australian beef exports to Korea totalled 6,347 tonnes swt, with 30pc consisting chilled muscle cuts.

Korean wholesale prices for imported short ribs increased this week, due to low stocks after Chuseok, and Korean beef traders’ early preparation for demand ahead of Lunar New Year celebrations in February.

As Australian supply is tight, and processors run fewer shifts, with maintenance closures planned during December, Korean beef importers have limited time to secure these stocks.

Japan: In contrast, Australian beef trading with Japan remained subdued this week, on the back of the high $A and sluggish interest from the Japanese market.

Weak demand eased export prices again this week, despite relatively limited beef supply, due to reduced operations by some meat packers.

The trade reported soft interest in imported beef in the Japanese wholesale market, with prices mostly unchanged, except chilled Australian tenderloins.

Even so, seasonal demand and low stocks lifted shortfed and grassfed tenderloin prices by 12pc and 13pc respectively.

USA:The combination of US domestic beef trading at a discount to Australian imports and limited offers from Australia resulted in stagnant trading this week.

Despite this discount, for fresh US product, when freight and freezing charges are factored in, imported beef remains an attractive option for end-users.

Influencing this week’s market was the slightly higher US cow meat supply compared with the previous week, due in part to the dairy retirement program being managed by Cooperatives Working Together (CWT).

CIF prices for Australian 90CL averaged US127.5¢/lb, down US2¢/lb on last week. In $A terms, prices fell 5.7¢/kg over the past week, to 275.6¢/kg FAS.