USDA Market News - New Zealand Meat Export Summary and PricesWednesday, Oct 1, 2003
Beef: Imported cow & bull down approximately 9c and 6c/lb respectively, but trade was light making it difficult to establish true level. Main culprit was sharp 13c drop in U.S. domestic cow price. Asian markets for prime cuts held up well, even strengthening in some cases. Korean market has improved and NZ is increasing market share with exporters competing strongly as need to stay within U.S. quota limits intensifies. Adding to beef's woes has been weak U.S.$. Kiwi$ up 2% last week and when combined with slumping U.S. prices, market indicators for Cow & bull down 19c and 13c/kg respectively.
Lamb: Market prices remain strong, with lower than expected NZ production ensuring very tight supply. Up strongly against U.S.$, NZ$ did weaken against Euro & Sterling, but overall currency effect still negative. Lower grade pelt values up, but slipe wool weaker. First of new season lamb schedules released this week with prices around the 480c/kg mark, a 30c/kg premium to old season lamb.