The wholesale price of U.S. beef ribs has fallen. The price of beef ribs (short plate) used for beef bowls is 10% lower than it was in early September 2022. Beef consumption is stagnant in Asia, especially in China where the impact of COVID-19 lockdowns remains. U.S. exporters with surplus stock lowered their prices for Japan, and domestic wholesale prices also fell. The price drop will be a factor in reducing procurement costs for restaurants.
The wholesale price of U.S. beef ribs (frozen product, bulk delivery, median price) is around 825 yen per kilogram. Compared to the beginning of September 2022, the price has fallen by around 90 yen (10%). The wholesale price has fallen by 15% since its most recent high in early July 2022.
Most U.S. beef ribs are exported, with China, South Korea, and Japan being the principle buyers. About 66% of the 232,835 tons of Japan’s U.S. beef imports in 2021 (excluding scrap meat) was rib meat. Beef ribs are widely used in beef bowls and bento boxes at convenience stores, as well as by barbecue restaurant chains. (Abridged)