USDA Market News New Zealand Meat Export Summary and PricesTuesday, Nov 18, 2003
Beef: Imported manufacturing beef prices rose again in U.S. last week to prices not seen in 10 years. Driven by shortage of lean meat in U.S., bull up 4c/lb to 128c and cow up to 117c/lb. Industry feels that current prices are here to stay for some months at least. At current levels a 1c change in U.S. bull beef prices affects bull farmgate returns by 2.5c, while 1c change in exchange rates changes farmgate returns by 5c/kg, figures much lower than 2 years ago.
Lamb: With pre-Christmas chilled processing over, prices are coming back 10-20c/kg in both Islands, as schedules become more aligned to the normal frozen trade prices. Further price falls expected, especially in North Island where procurement activity for a reduced supply was very strong. About 30% fewer lambs than normal sent chilled over last 4 weeks.