USDA Market News - New Zealand Meat Export Summary and PricesTuesday, Jun 3, 2003
Beef: A drop in U.S. cow kill and lack of Canadian beef saw U.S. domestic manufacturing cow price jump 8c/lb last week to 124c/lb. This is 24c rise in last month, and pushes margin over imported beef to one of highest levels ever recorded. U.S. feedlot prices and price of fat trimmings (50% lean) also jumped to record highs. Lower production from U.S. and Australian feedlots and closing of Canadian border, probably for 2 more months, have put dramatic squeeze on beef supply in U.S.
Lamb: Weaker NZ dollar boosted market returns, but farmgate prices mostly unchanged. Market demand steady, but a strong Euro is favouring Continental markets over the UK.