USDA Market News - New Zealand Meat Export Summary and PricesTuesday, Sep 23, 2003
Beef: Prices steadied for imported beef going to U.S. last week after largest continuous upward run in history. Over last 12 weeks prices have soared for NZ manufacturing beef going to U.S. by 35%, with bull going from 85c to 115c/lb. Fatty trim (50% lean) prices down 20% this week due to Canadian prime beef now coming in and should be positive for bull beef which is combined to produce meat patties. Activity in Asian markets subdued due to their holidays. Agri-Fax market indicators steady again after little movement in exchange rates.
Lamb: Major factor affecting farmers marketing decisions for coming weeks is possibility of large shipment of young sheep being confirmed with Saudi Arabia. Lamb cut prices continue to firm in many markets during current period of low availability. Should competing meats in Europe weaken in price, lamb will start to meet consumer price resistance.