USDA Market News - New Zealand Meat Export Summary and PricesThursday, May 15, 2003
Beef: In the U.S. end-user demand is weak but both imported and domestic supply is running high. Surprisingly large U.S. cow kill is feulled by surge in dairy cow cull. NZ's cow kill is at seasonal peak and Australia's recovery from drought has been very patchy. International demand for hides is weak and cow and bull hide prices have dropped sharply. Also there has been a 2% jump in $NZ/$US exchange rate to a 5 year high.
Lamb: Overseas inquiry for NZ lamb remains strong relative to falling production levels as NZ season winds down. Market returns at farmgate have been hurt by new surge in $Kiwi, which is now at 4-5 year highs against the $US, Sterling, Yen and Korean Won. Although UK lamb production is rising quickly now, its price is 30% higher than a year ago and is not putting NZ lamb under much price pressure.