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
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