Westpac has upgraded its farm-gate meat price forecasts on the back of strong demand in key markets, including the United States, European Union and the United Kingdom. It expected farm-gate beef prices to lift to $5.50kg, although the weak US dollar would temper that rise. That meant venison prices, which had been hardest hit by Covid, were also likely to turn the corner as European meat demand returned. That should support beef prices through 2021 and into 2022 and would help other meat prices too. Australia’s sheepmeat supply was relatively weak, so tight supply should underpin sheepmeat prices.

Source: Otago Daily Times May 17, 2021 16:30 UTC