It says the flow-on effect to the US imported beef market was witnessed in trading volumes, which remained light during the week, due to the presence of more sellers than buyers.

MLA reports that this saw prices trend lower, with many participants of the view that buyers will continue to trade on an immediate needs basis, as uncertainty remains about how household consumption habits will respond in coming months.

There are some traders, though, who believe that the recent turn of events will favour demand for lower value meat products such as hamburgers, indicating the downturn in the market is only temporary.

MLA says 90CL imported manufacturing beef fell 6US¢ to 155US¢/lb CIF compared with last week, with 85CL trim also falling 6US¢/lb to 155.5US¢/lb CIF.

Much of the focus in the US beef market has been on the CME live cattle futures market which took a battering during the week as buyers pulled back on activity, due to the downturn in the economy.

Reduced activity is partly attributed to weak demand in the foodservice sector and lower prices of competing meats.