Farm profits in the red meat sector are forecast to fall 54% in the 2023 -24 financial year. Average farm profit is put at $62,600 per farm before tax, which brings farmers’ earnings down to the lowest levels since the 1980s, excluding the Global Financial Crisis. It says times are tough, and farmers will have to dig deep to stem the danger of widespread cash losses in the sheep and beef sector. “As a result, the forecasts for lamb and mutton prices for the season have been revised downwards,” the report says. This is especially true for farmers with relatively high debt levels," McIvor says.

Source: Stuff March 13, 2024 00:53 UTC