USDA Market News New Zealand Meat Export Summary and Prices Tuesday, Jul 1, 2003
Beef: Imported beef markets weakened last week in U.S. with bull down to 4 year low at 84c/lb. Triggers to stimulate U.S. consumption and ease production in U.S. & Australia remain elusive. Canadian sales ban continues to add to short term woes with stocks building in freezers and feedlots. Asians again travelling and eating out continues to be a positive. Overall, the Agri-Fax market indicators mainly unchanged.
Lamb: Looming shortage of NZ lamb for Europe has seen leg prices in the UK rise 2-3p/lb over last 2 weeks, despite increased supplies of local lamb. Flap & forequarters have remained steady. Low supplies of these cuts are being offset by 2 of NZ's big markets, China & Mexico, being overstocked. Pelts again eased in price and on NZ$ basis are 11% below this time last year. Sales of finished leather goods have clearly slowed down and the major tanners currently don't have enough confidence in future sales to be strong buyers now.