Beef prices fall due to fear of mad cow disease

With the fear of mad cow disease spreading, beef prices are falling.

According to the Ministry of Agriculture and Forestry and the Agricultural and Fishery Marketing Corp., the auctioning price of meat for Korean beef fell 12.6 percent from 10,790 won per kilogram Jan. 31 to 9,430 won Feb. 5 in a wholesale market in Seoul.

The local livestock price also dropped from 2.85 million won per 500-kg bull Jan. 31 to 2.8 million won Feb. 5.

In the nation¡¯s biggest beef market in Hongsung, South Chungchong Province, the meat of a bull was traded at 5,200 won per kg Tuesday, off 7.1 percent from 5,600 won last week, and that of a cow was traded at 5,800 won per kg, off 4.3 percent from last week¡¯s 6,060 won.

The consumer price of sirloin for Korean cattle, however, showed no change compared to the end of last month with 12,040 won per 500 g.