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New Zealand Livestock and Wool Market Summary
WASHINGTON - Feb 24/03 - 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 Beef: U.S. imported manufacturing beef market continues to disappoint, with cow once again taking biggest hit; down 2c to a 4 month low of 90 cents per pound.
The effect in Asia may be more immediate because those markets already strengthening, mainly due to lower Australian production.
Cheap South American beef could displace New Zealand product if price differential becomes too high.
Fundamentals in place for a resurgence in beef's fortunes but a rise in U.S. consumption is vital for this to happen.
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