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Source: NZPA / Ross Setford -
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Farm gate lamb prices started their seasonal increase earlier than usual, due to lower numbers, Rabobank says in its latest agribusiness review.
In the past month schedule prices lifted by 10% in the North Island and 3% in the South Island to a range of $5.30-$5.50kg. That was around $2kg more than the same period last year.
Lamb volumes processed so far this season were 14% down on the comparable period last season, due to a smaller lamb crop and current feed availability allowing farmers in many regions to hold lambs for longer.
For the second month in a row international dairy prices showed sings of stabilisation, or even rising, through March, Rabobank said.
But pricing was supported by slippage in the value of the United States dollar, with the value of commodities falling in most other currencies.
A 12% increase in the value of the NZ dollar against the US currency during March more than eroded the local currency gains made in February. NZ dollar commodity prices eased 6-15% in the past month.
Milk powder markets appeared to have been supported by substantial intervention purchasing in the US and European Union, with a commensurate reduction in product flows to the world market, Rabobank said.
Farm gate beef prices were largely static compared to last month, having initially increased during mid-March as US manufacturing prices firmed.
Farm gate venison prices crept up in recent weeks before the higher New Zealand dollar saw prices plateau at $8.10-8.70kg.
