NZ Beef Takes a Fall as US Domestic Volumes Rise
NEW ZEALAND - It was another sluggish week for beef exporters, with reduced prices for product exported to the US, directly attributed to the high availability of US domestic product.
4 September 2008
1 minute read
According to RedOrbit, US July cow slaughter figures are 25 per cent higher than last year and have more than offset the reduced level of imported product going into the US.
A positive aspect for NZ farmers is the prospect of Australian farmers looking to bolster cattle numbers as feed supplies begin to increase, the net result being less beef product leaving Australia's shores.
The NZX Agrifax Market Indicators for bull and cow dropped 4 and 5c/kg respectively as the positive movements in the exchange rate were outweighed by the falling meat prices. Movements in schedule prices were mixed last week, but generally either held steady or moved upward by up to 10c/kg.
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