Both beef and lamb exports are expected to break the $3 billion mark for the first time as high lamb, mutton and beef prices bump up this season?s forecast profit for sheep and beef farmers, according to Beef + Lamb New Zealand?s (B+LNZ) Mid-Season Update.
The record level to be reached by lamb exports is based on a forecast of a 14% increase in average export value.
On the other hand, analysts at Beef + Lamb New Zealand say that total beef export receipts, which passed the $3 billion mark in 2014 15, are expected to be $3.2 billion in 2017 18 – down 1.1 per cent.
B+LNZ Economic Service’s forecast of farm profit before tax has also been revised up to $126,300 for the All Classes Sheep and Beef Farm in 2017 18 – up 39 per cent on 2016 17.
Sheep and beef prices have stayed strong despite increases in the number of sheep and cattle processed so far this season. This demonstrates that international meat markets have been strong.
The numbers of lambs, sheep and cattle processed were all up in the last quarter of 2017, leaving fewer to be available for January to September compared to the 2016 17 season.
