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[earthfarm]

MEAT: Korean Beef Prices Tumble as U.S. Imports Resume
Apr.21,2008 06:25 KST

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These are the sorts of headlines governments dream about for domestic food economies that are suffering under the weight of food price hyperinflation. And it is why US beef has to rise in price and in fact why they are as we speak. Export number will continue to ramp up. I see meat being a big story for the last half of 2008. EF
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It's only been two days since news of Korea opening its beef market to U.S. imports hit the nation. And the development has already driven prices of Korean beef down as much as 8 percent at one major cattle trading market in North Gyeongsang Province.

Prices fell overnight by more than W100,000 (US$1=W1,000) to between W1.7 million and W1.8 million per head.

Negotiators agreed Friday to open Korea's market to all U.S. beef, including types Seoul had protested as carrying a risk for spreading mad cow disease.

The two countries had been wrangling over the issue since 2003 when authorities confirmed a case of mad cow disease among American cattle.

Almost as soon as the words "flooded market" could be uttered local beef farmers saw prices fall, as Korean beef lovers began looking forward to once again tasting some of their favorite U.S. beef products.

One of those products is what's known in Korea as "LA kalbi", beef ribs Koreans have traditionally enjoyed for fast grilling at a low price.

Restaurant prices of kalbi, one of the most popular meat dishes in Korea, range from about W20,000 for New Zealand beef to W50,000 for Korean beef per serving. The U.S. ribs are expected to be the lowest-priced of them all.

On Sunday Prime Minister Han Seung-soo met with officials from the agriculture, health and justice ministries to discuss measures to cushion the impact on the local livestock industry such as offering financial aid and tax breaks to Korean cattle farmers. The government will announce a concrete set of measures Monday.

Arirang News

http://english.chosun.com/w21data/html/news/200804/200804210004.html