Slow consumption in Europe puts downward pressure on Hilton prices

It was another week of downward adjustments for chilled beef prices in Europe. Hilton rump & loin cuts from Argentina were traded at around US$/t 16,700 FOB, although some importers on Tuesday were bidding US$/t 16,500, while exporters were reluctant to go below US$/t 17,000.

From Uruguay, one importer cited reference prices in the US$/t 15,500–15,700 FOB range. Also from Argentina, round cuts within the Hilton quota were reported sold at US$ 7,300.

A German importer told WBR that supermarket demand “is quite stagnant. Very little premium beef is being sold. Consumers are showing resistance to these prices,” he said. However, he added that with the recent rise in temperatures, there is some hope that barbecue season consumption “will start to pick up.”