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New Zealand Livestock and Wool Market Summary
WASHINGTON - Jul 1/02 - STAT -- The latest weekly summary of New Zealand's beef, lamb and wool markets was released by the USDA today.
Discussing beef markets, the USDA reports U.S beef prices were steady with activity very low approaching the July 4 holiday. Underpinning the market is a sharp drop in New Zealand production, down 40% on the same week last year, and the announcement that the Australian Senate has ratified the proposed U.S. quota management scheme.
After May's record U.S. beef production, June feedlot placements were down 5%.
This will result in lower U.S. beef production in the last quarter of 2002.
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