New Zealand: Strong demand drives positivity

Published 2023년 5월 25일

Tridge summary

Global commodity markets experienced a decline in March but showed signs of improvement by the end of April. Year on year, commodity prices have fallen by 28% to 36% since April 2022. New Zealand's beef and sheepmeat exports have seen an increase, with China and the US being the main importers. The store lamb market is buoyed by abundant grass, and sheepmeat exports have surpassed March 2022 volumes. However, the New Zealand dollar came under pressure in April due to softer inflation figures, home sales volumes, and poor trade data, despite the RBNZ's surprise 50bp rate hike.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Global commodity markets broadly softened throughout March before showing some signs of optimism by the end of April. In US dollar terms, commodities were higher at the end of April versus the previous month (except whole milk powder). Year on year, commodity prices are now down between 28% and 36% since April 2022. The underlying forecasts for the 2023/24 season are around the corner. With farmers well into establishing their new season budgets, processor opening forecasts for the season beginning 1 June 2023 are eagerly anticipated. Global supply and demand fundamentals are weaker than this time last year. With elevated macro risk at this time of the pricing cycle, it's likely that there will be a wide opening range. Beef Import demand from both China and the US pushed higher in March. New Zealand's total beef export volumes in March were only 2,400 tonnes shy of the record volumes of March 2021. Total export volumes were 19% higher compared to February 2023 volumes and 9% ...

Source: Ruralnewsgroup