2023-24 NZ sheep and beef farm profitability declines 58% due to weaker lamb and mutton demand, lower farm-gate prices, and higher costs.

Lamb and mutton demand remains weaker than expected, impacting NZ sheep and beef farm profitability. Beef + Lamb New Zealand's mid-season update predicts a 58% before-tax profit plunge for 2023-24 to average $44,500 per farm, due to lower sheep farmgate prices and higher costs. The Chinese economy's sluggish recovery and increased Australian meat exports have contributed to decreased demand and lower farm-gate prices.

March 12, 2024
3 Articles