Red meat exports slump, thanks to China
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
"Prices look like they have settled but demand for volume remains subdued as consumption is slow to reach pre-Covid-19 levels. The China ripple effect, compounded by ongoing record volumes out of Australia at levels significantly lower than New Zealand, is continuing to undermine New Zealand prices."
Meanwhile, the company says mutton markets remain weak on the back of low demand from China.
"We are continuing to pursue diversified options into Taiwan, Malaysia, and North America but negative market sentiment remains. Large mutton volumes out of Australia continue to disrupt all markets."
On the venison front, Alliance says that game season negotiations have concluded with prices marginally improved on last season.
"Demand is strong for the key five week production period that covers September-early October shipments. Manufacturing items such as trim remain challenging."
In beef markets, the meat processor and exporter again points to China, where it says there have been fluctuations in wholesale pricing as importers continue to search for value.
"The North American market is stable with prices slightly improving in the last few weeks," Alliance adds. "Importers are more proactive in positioning themselves to purchase volume from New Zealand."
