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A flood of Australian sheepmeat is coming into export markets, which is dragging down the price.
China's slower than expected recovery from Covid-19 and an oversupply of Australian sheep meat is causing problems for NZ sheep farmers.
Rabobank’s senior agricultural analyst Emma Higgins says there is more pain to come before things start to settle down.
“The sheepmeat price schedule has come below the bottom of the five year price range, so it’s a bit more tricky there with some really tough market settings in the coming months.”
“They have had good lambing percentages and are now being warned about a possible dry summer.”
On the flip side, Higgins says there is some good news on the beef front with some stabilisation coming through in terms of farm gates prices in NZ. “In the last month these have started to track upwards due to the price of beef lean trimmings starting to lift in export markets.”
She adds that with milk production in NZ declining, it should mean that the schedule price will follow the normal season trend in the coming months.
New Zealand must continue to educate Chinese consumers about the unique qualities of its red meat products and how they differ from competitors, says Silver Fern Farms chief executive Dan Boulton.
While global dairy commodity prices continue to climb in most key exporting countries, the second half of the year is expected to bring increased downside risks.
Alliance Group and Grand Farm have signed a strategic co-operation agreement with a focus on delivering more premium New Zealand grass-fed beef to Chinese consumers.
Chinese textile company Saibosi has partnered with Wools of New Zealand to put the 'farm to floor' story of New Zealand wool rugs on screen for its customers.
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A New Zealand company is redefining the global collagen game by turning New Zealand sheepskin into a world-class health product.
With further extreme weather on the way, ANZ Bank is encouraging farmers and business owners impacted by the recent extreme weather and flooding to seek support if they need it.
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