NZ beef fetching high prices in USA

Prices paid in the United States for New Zealand manufacturing beef have jumped sharply to their second-highest level in a decade.

The United States Department of Agriculture said on its website today that the NZ prices rallied strongly in the United States last week with imported beef up US5c/lb (NZ17.83c/kg).

Bull beef reached US125c/pound ($4.46/kg) and cow US115c/pound ($4.10/kg) -- prices seen only once before in the last 10 years, the USDA said in its weekly summary of NZ meat and wool exports.

"These prices are surprising, considering NZ processing of manufacturing beef is at near-record levels," the department said.

"A 20 per cent-lower US cow kill over last 6 weeks, good weather for outdoor cooking (barbecues) and limited supplies of imported beef aided in the strong pricing.

There was a "good outlook" with prices of cuts steady in most markets and a falling kiwi dollar.

All market factors for lamb sales in the USA were "positive", with overall returns rising about NZ7c/kg, the price changes over the past four weeks being a lift of about NZ35c/kg.

NZ exporters had reported that the lamb market outlook was very good, due to low supplies globally.

- NZPA