South Korea Delays Beef Trade Resumption Announcements
Korean farmers threaten national demonstrations if the ban is lifted.
Compiled by staff
Published: Nov 30, 2005
Talk of South Korea ending its ban on beef from the United States is again put off after Korean farmers threatened national demonstrations if the ban is lifted.
South Korea's animal quarantine committee met Tuesday, expected by many to lift the ban. Instead the committee scheduled another meeting in two weeks to address the issue.
Asia Pulse reports member of the quarantine committee expressed concerns over the U.S. slaughter process. The panel also "engaged in heated debate, with one faction accusing another of caving in to political pressure from the Bush administration," Meatingplace.com reports.
Media reports of potential lifting the ban sent South Korean beef prices 10% lower in October. Asia Pulse reports that the number of farms raising cattle has sharply risen over the past few years, in line with the high Korean beef price levels. Korean producers' profits dropped from 4.5 million won to 3.94 million won (about $3,770 US$) for a 1,000 pound animal. Both increased supplies and the expectation that Korea will soon reopen its market brought the price change.
Officials say the average price of beef may fall as much as 40% when shipments of U.S. beef resume. Prices of pork and chicken also are expected to fall more modestly as demand decreases.
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