Europe remains strong and is now an option even for forequarter cuts

Although some importers believe prices are approaching “a limit,” deals continue to close each week at higher levels. Last week, a European importer purchased Hilton rump & loin cuts from Argentina at US$/t 16,800 FOB and from Uruguay at US$/t 16,000 FOB. However, early this week another importer confirmed having paid US$/t 17,000 for the Argentine product, with some exporters now asking US$/t 17,200 FOB or more for new loads. One exporter reported sales at US$/t 17,500 FOB.