USDA Market News - New Zealand Meat Export Summary and Prices Tuesday, Sep 2, 2003
Beef: U.S. imported beef market posted 8th consecutive rise last week and with cow & bull up 5 and 4c/lb respectively, pace is picking up. 90% lean cow beef now back over 100c/lb and is at highest level in 16 months. Price rise of almost 30% in last 2 months pushed some end users to sidelines and trade is very thin. Although this price surge is largely fueled by very tight supplies, NZ exporters feel that underlying tone has improved markedly and return to dismal prices seen only a few weeks ago is unlikely even when new season gets underway and U.S. autumn cow kill kicks in.
Lamb: EU demand remains steady but subdued during Northern Hemisphere holidays. Supplies of UK domestic fresh lamb tighter than normal and prices for this time of year are highest they have been for at least 8 years. Continued strength of $NZ against the Euro & Sterling starting to erode market returns in $NZ terms. Over last 2 weeks Euro & Sterling are down 5% and 3% against the $NZ respectively, though $NZ is little changed against the $U.S.