Red meat exports slump, thanks to China
Weaker pricing and demand from China continue to impact New Zealand red meat export earnings.
The weighted indicator for the main trading currencies strengthened slightly by 0.39% compared to the last sale on February 23, having minimal impact.
Ching says a rise in customer activity in recent days has seen a previous flat market steady with some sectors showing strong activity, although there are wool types that are still struggling for support.
Fine crossbred fleece and shears were firm to 2.5% stronger with steady Chinese interest. Coarse full Fleece was well supported with levels remaining firm to 3% stronger. Longer shears, which were pressured last sale, eased back by up to 2%. Shorter shears were firm to 3% dearer. Fine Lambs fleece eased slightly with the longer coarser types firm to 3% stronger.
All oddments were 1.5 to 4% dearer. Well spread competition with China, Western Europe and India principals supported by Australasia, Middle East and United Kingdom.
The next sale on March 8 comprises about 17,700 bales from the North Island and 8600 bales from the South Island.
