USDA Market News - New Zealand Meat Export Summary and Prices Thursday, Jul 31, 2003
Beef: A limited supply of manufacturing beef from NZ & Australia, combined with very high U.S. domestic price delivered 5-6c/lb rise to imported prices last week. Bull is now 97c/lb and would be expected to rise further in coming weeks. Along with feedlot numbers being 5% less than year ago, latest USDA reports indicate herd rebuilding could start soon which means at least 2 good years of beef prices in the U.S. and in NZ, providing the exchange rate eases back. While some cuts from bulls & steers are waiting on the Canadian market to reopen, prices for cuts in Asia have improved.
Lamb: With less than 1.5 million lambs (6% of annual kill) left to process in next 2 months, and European buyers on holiday, there was little change in overseas markets last week. Unless there are major changes in exchange rates, it's unlikely there will be much movement in schedules over the coming weeks. Compared to year ago, a 17.5kg lamb is worth $4 less in the North Island and $1 less in the South Island.