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New Zealand Livestock and Wool Market Summary
WASHINGTON - Mar 4/03 - 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: Continuing bad weather in U.S. last week restricted supplies and forced U.S. domestic prices up 7 cents per pound, helping imported beef to improve by 2-3 cents per pound.
The rise was mainly from trader activity and it will need improved enduser demand to get prices up further.
Prices in other markets for wide range of cuts continued to rise as Australian processing slows. Rising New Zealand dollar pegged back the improved market returns from 2-4c/kg (farmgate basis). Overseas beef returns should be steady, helped by improving prices in Asia.
Looking at lamb markets, the USDA reports Lamb: Cuts and few carcasses going to the UK have eased over the last week or two as New Zealand's production approaches it's normal March peak.
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