USDA Market News - New Zealand Meat Export Summary and Prices Wednesday, Jul 9, 2003
Beef: U.S. imported manufacturing beef prices came back 1-2c/lb last week but still remain at very depressed levels. In US$ terms these prices 20% below year ago and after allowing for swing in $NZ/$US exchange rate, are 35% lower in NZ$ terms. It appears traders have been sitting on sidelines in expectation of resumption of Canadian beef imports. This now considered unlikely in short term leaving importers short of product. With offerings from Australia expected light, prospects of sustained recovery in US beef prices quite good, but it will occur when NZ has very little product to sell.
Lamb: Although market prices were stable, Kiwi$ chopped 12c/kg off market returns and poorer pelt and slipe wool returns compounded damage to the tune of another 3c/kg, forcing some North Island companies to drop schedules. Premiums much higher than usual for this time of year.