USDA Market News - New Zealand Meat Export Summary and PricesTuesday, May 27, 2003
Beef: U.S. manufacturing beef market continues disappointing with prices for imported beef easing by 1-2c/lb, with bull now 87.5/lb (East Coast). Large U.S. hamburger chains are reporting lower demand and their meat inventories are high. Some exporters getting inquiries again from Asia, so hopefully that market will rebound soon. Weaker NZ dollar offset reduced meat prices ensuring Agri-Fax market indicators mainly unchanged. Bull indicator price is currently 38c/kg below the steer price.
Lamb: Due to exchange rate differences with Euro getting stronger versus the Pound, there has been more inquiry for legs from the Continent. Flap prices have, in NZ main markets fallen recently by 6%, due to China being out of the market because of SARS. Exchange rate changes offset the minor meat and pelt price declines last week.