USDA Market News - New Zealand Meat Export Summary and PricesWednesday, Jul 16, 2003
Beef: Prices for manufacturing beef in U.S. rose again last week and have gained 4-5c/lb over the last 2 weeks. Gap between U.S. domestic fresh and imported 90% lean is 37c/lb, a near record margin. Historically June/July average is 11c, where this year is 25c/lb. As gap shrinks back to normal, it should deliver price lift to imported beef. With cut prices also rising in Asia, and stronger U.S.$, Agri-Fax market indicators up 8c/kg on farmgate basis for all grades.
Lamb: Market indicators for lamb basically unchanged last week, with EU exchange rate weakening, offsetting stronger U.S. dollar. While EU prices look to remain stable for next few months, there could be some firming in flap prices as China again stocks up. Also U.S. prices are lifting slightly, helped by lack of Aussie lamb. Looking ahead to coming season, prospects look good apart from flying Kiwi. Major factor is 1.5 million fewer lambs expected for processing compared to current season.