US Market News - New Zealand Meat Export Summary and PricesWednesday, Mar 5, 2003
Tue Mar 4, 2003
Beef: Continuing bad weather in U.S. last week restricted supplies and forced U.S. domestic prices up 7c/lb, helping imported beef to improve by 2-3c/lb. The rise was mainly from trader activity and it will need improved end user demand to get prices up further. Prices in other markets for wide range of cuts continued to rise as Australian processing slows. Rising NZ dollar pegged back the improved market returns from 2-4c/kg (farm gate basis).Overseas beef returns should be steady, helped by improving prices in Asia.
Lamb: Cuts and few carcasses going to the UK have eased over the last week or two as NZ's production approaches it's normal March peak. Dramatic drop in Australian processing will help NZ sales and prices in Mexico and also heavy racks in the U.S. The exchange rate had the biggest impact on reduced market returns (down 8c/kg).