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Prices drop for New Zealand sheep, beef farmers

Christian Fernsby ▼ | May 19, 2020
Prices paid to sheep and beef cattle farmers and meat manufacturers both fell sharply in the March 2020 quarter, New Zealand's statistics department Stats NZ said on Tuesday.
New Zealand sheep
Farmers   New Zealand sheep
Sheep, beef, and grain farmers received 11.5 percent less for their products in the March quarter, reversing rises over most of 2019. In turn, prices paid to meat manufacturers were down 4.4 percent in the March quarter, Stats NZ said.

Topics: New Zealand sheep beef

"The sharp fall in prices for sheep and beef farming in the first three months of 2020 coincided with dry conditions in many parts of New Zealand, with sheep and beef prices falling," business prices acting manager Geoffrey Wong said in a statement.

"Farmers were reported to be sending stock off to meat works early because of the drought," Wong said.

"We also saw some supermarket meat prices fall in March, with lower prices for lamb chops, beef sausages, and beef mince," he said.

Livestock prices were also a key contributor to the drop in overall costs faced by businesses.

Overall prices for goods and services produced in New Zealand rose 0.1 percent in the March 2020 quarter, when compared with the December 2019 quarter, statistics showed.