New Zealand downsizes export forecasts
Levy body Beef + Lamb New Zealand’s (B+LNZ’s) Mid-Season Update revealed that sheep numbers were down 4.3%, which is more than double the expected decrease (2.1%). The body has now revised its export slaughter to 19.7m, which is down 4.1% from earlier estimates. The reduction means that export receipts are expected to be similar to last year’s level at NZ$6.6bn.
B+LNZ economic service director Rob Davison said: “The global lamb supplies continues to remain tight overall.” He added that mutton supplies are also tight, with New Zealand supplies estimated to fall 30% (-31,800 tonnes) as a result of last year’s high mutton off-take, due to high prices. This will be offset slightly by Australia, which is expected to ship 4% more mutton than last year (+3,300 tonnes).
