USDA Market News - New Zealand Meat Export Summary and PricesThursday, May 29, 2003
Beef: There was increased confidence in U.S. market at end of last week with prices for imported beef up 1-2c/lb. Canadian BSE scare may have caused increased trader activity, but everyone expects issue to disappear. Prices for meat going to Canada did fall 10c/lb this week in reaction to BSE discovery. Last week 50% lean beef reached highest point in over 20 years because of shortage of fat feedlot steers. This reduces demand for NZ 90% lean beef. Agri-Fax market indicators fell 5-8c/kg due to exchange rates.
Lamb: Weaker pelts, stronger Kiwi, and slight weakness in European leg prices last week meant overall market returns back $1/head. Exporters remain confident about the market, especially as NZ lamb processing is falling fast with only 4 million lambs left to process for the year, while demand remains good.