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13 Meat sector challenges grow more acute Vol 23 No 2 | January 20, 2025
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Meat and wool prices off to a great start
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EEF, lamb and crossbred wool prices have begun the new year in a healthy state for sheep and beef farmers, and price levels are showing welcome stability as the summer proceeds. Helped by a weaker New Zealand dollar, prices for beef and lamb are $1.50-$2/kg higher than this time in early 2024, AgriHQ analysts said. The United States imported 95CL price level is now a record NZ$12/kg (US$3.09/lb) and 90CL is $11.50/kg, both products some 40% higher than January 2024. That has pushed NZ slaughter prices up to $7.14/kg for bull and $5.26/kg for manufacturing cow, compared with $5.60 and $3.80 respectively 12 months ago. P/Y lambs are worth $8.05/kg in the North Island ($6 last year) and $7.80/kg in the South Island. In-market prices for imported lamb cuts are up 40% in the United Kingdom and Europe (hind legs), and in China (forequarters) are 50% higher when converted back to NZ dollars. AgriHQ senior analyst Mel Croad said lamb schedule prices have been up around $8/kg since the middle of November, when new season lambs started flowing into the processing plants. “Typically lamb prices would
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OPINION 11
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Food and fibre
be easing into the New Year and would bottom out in late February, early March. “But helped significantly by persistent rain on the dry east coasts of both islands, the store market is up 70c/kg since Christmas and the higher schedule prices look to be stable. “Meat companies are very keen to book in lambs and cattle, while farmers want to hang on for higher slaughter weights.” Prime beef and local trade schedule prices are up around $6.85/kg, slightly lower than manufacturing bull prices. Export demand for prime cuts hasn’t been as strong, relative to what is being seen in the US lean beef market. That partly reflects weaker economic conditions in those markets. “Average export values for NZ beef are as high as we have seen them for some time.” Croad said some beef prices in some markets were higher in 2022, after covid-19 caused all sorts of disruptions. This time true supply and demand factors underpin meat prices for NZ products. “In early 2024 the market prices were softer and the NZD higher. “Now the counter seasonal situation is high market prices, a lower exchange rate and processing plants that aren’t full.” That explains the $3.50/kg difference in NZD terms between
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Hugh Stringleman