Beef-Buying Koreans Fuel Record Meat Rally in U.S. Groceries
This article is for subscribers only.
Food shoppers in South Korea, Mexico and Japan are fueling a surge in U.S. beef prices just as demand is set to reach a seasonal peak this month and retailers including Sam’s Club promote the meat in stores.
Retail beef rose to a record $4.453 a pound in April, up 11 percent from a year earlier, after all-time highs the previous four months, the U.S. Department of Agriculture said today. Supplies have tightened as South Korea tripled imports of U.S. beef in the first quarter from a year earlier, and Japan’s purchases rose 63 percent, data show.