USDA Market News - New Zealand Meat Summary and Prices Wednesday, Aug 6, 2003
Beef: U.S. imported beef market has consolidated after 4 weeks of steady gains. U.S. beef demand improving but as yet fast food sector, which is big user of NZ grinding beef, is still dragging the chain. NZ farmgate prices increased up to 10c/kg in both Islands, but increase for bull has not been as strong as expected, because several companies running into U.S. quota trouble. Canada not viable alternative market at the moment because the ban on exports to U.S. causing massive disruptions and cattle prices down by up to 70%.
Lamb: UK domestic production rising but still down 20% on pre FMD levels and UK domestic lamb price is 15% up on last year so competition from that quarter is muted. Australian production is well down and prices at record levels. Australian exporters struggling to compete with domestic market and New Zealand faces much lighter competition, especially in U.S. market than is normally the case. NZ lamb prices lifted slightly.