European market remains overheated

There is no end (for now) to the surge in European chilled beef prices, which have been reaching new highs since early October. With limited supply from Argentina, by the end of last week most exporters from that country had managed to close rump & loin Hilton shipments at US$/t 15,500 FOB. This week, some in the industry were offering between US$/t 16,000 and 16,500 for higher-reputation brands. However, in the view of some market players, this “spring” in prices may be limited to beef arriving before Easter. “It could last until weeks 9 or 10,” one source told WBR. Currently, the focus is on Argentine product, widening the price gap with Uruguay, where deals closed last week at around US$/t 13,700, according to a trader.