Tridge summary
A Rabobank report predicts a rise in red meat prices globally, particularly in the United States, due to decreasing domestic production and high demand. New Zealand, as the second-largest exporter of beef to the U.S., is expected to benefit from this situation. However, New Zealand consumers may face rising meat prices. The report also anticipates a 4% decline in New Zealand's beef production between 2023 and 2025 due to ongoing challenges such as delays, labour shortages, and unfavourable weather.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The price of red meat is tipped to increase next year partly because of massive demand from the United States, a Rabobank report says. Agricultural analyst at Rabobank Genevieve Steven said US beef production was dipping, and the country needed to import meat to fill its fridges. Although this was good news for New Zealand beef farmers who would have a ready export market next year, Kiwi shoppers could expect high meat prices to continue, or increase. Stats NZ said in October, the price of meat, poultry and fish was up 17% compared to last year. Overall food prices had risen 10% for the same period. Countdown was selling 500g of beef mince for $8.90 on Tuesday. Premium mince cost $13 for the same weight. Rump steak cost $27.50 per kilogram, and First Lite Wagyu mince cost $11.90 for 400g. Stats NZ data showed in 2018 1kg of porterhouse steak cost about $29, compared to about $34 this year. Beef mince had increased from $14 to about $18 in that time. Steven said New Zealand ...
Source: Stuff NZ
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