Mike
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Australian Cattle Prices, at Record, May Gain Further (Update4)
July 15 (Bloomberg) -- Australian cattle prices may rise for at least another month after reaching a record today because of a decline in livestock sales and increased demand in Japan, South Korea and other overseas markets.
Prices reached A$3.987 ($3) a kilogram today and will exceed A$4 before more cattle are offered in September and as demand peaks in Japan and South Korea, said Peter Weeks, chief economist with Sydney-based Meat & Livestock Australia.
``There is no doubt we'll see those sorts of pricing levels in the next few months,'' said Don Mackay, 49, chief executive of Australian Agricultural Co., the country's biggest rancher, with 530,000 head. Prices are being buoyed by ``the strength of demand in our key markets of Japan, Korea and the U.S.''
July 15 (Bloomberg) -- Australian cattle prices may rise for at least another month after reaching a record today because of a decline in livestock sales and increased demand in Japan, South Korea and other overseas markets.
Prices reached A$3.987 ($3) a kilogram today and will exceed A$4 before more cattle are offered in September and as demand peaks in Japan and South Korea, said Peter Weeks, chief economist with Sydney-based Meat & Livestock Australia.
``There is no doubt we'll see those sorts of pricing levels in the next few months,'' said Don Mackay, 49, chief executive of Australian Agricultural Co., the country's biggest rancher, with 530,000 head. Prices are being buoyed by ``the strength of demand in our key markets of Japan, Korea and the U.S.''
