That leaves South Island farmers to contend with the crippling effects of a drought which has caused abnormally high slaughter rates -- adding additional supply to a weak market and applying further downwards pressure on prices -- a situation similar to that seen in 2013, the last time prices were this low.
Beef+Lamb chief economist Andrew Burtt explains: "When we did our outlook for the year, we all assumed in the absence of being able to absolutely predict the future that we would have normal climatic conditions.
"Since then, the drought in the South Island has had an impact on those and will certainly have an effect on returns in the South Island, particularly those with a higher sheep to cattle ratio."
Adding to ailing farmer woes will be the range of international factors which have contributed to the slump in prices. This means that no one silver bullet solution has the ability to remedy the situation.
Chinese demand in particular has been subdued, with higher inventories remaining from last year and an increase in domestic kill figures.
Instability in Europe has led to weaker demand. This has been exacerbated by the strong kiwi dollar diluting returns.
Likewise, plummeting oil prices in the Middle East have tempered their appetite for lamb, with demand reported to be sluggish compared with previous years.
ANZ's rural economist Con Williams, however, expects prices to improve and potentially stabilise by mid-year. He believes expectations are that seasonally things will improve, but probably not through until the May-June period -- "until then we can expect downward pressure on prices".
"The Chinese situation looks to be more of a temporary situation, and it will really depend how long it takes them to work through the supplies they have in stock before they come back to the market. Depending on who you ask, that could take six to 12 months to remedy.
"Although Middle Eastern demand is also reported to be sluggish, sales of middle-to-high value cuts into the United States should help to make up that gap."
Burtt was less certain on giving a time estimate for price stabilisation, instead saying "it will really depend on how the range of factors play out over the next six months".
While one below-par season should not prove make-or-break for most farmers, it could be the catalyst to finally get serious industry reform over the line.
A Fonterra-like co-operative bringing together a serious portion of the red-meat industry in an enclosed supply chain has been mooted for the better part of the past decade. But short-term price spikes have helped blunt the collective appetite for major change.
Williams says while industry structure will be back under the microscope, long-term trends and minor shifts could help raise prospects for the sector in the medium to long term.
"If you look at the average age of a red meat operator, that has been increasing for some time and succession is going to start flowing through as part of a bigger business dynamic.
"Over the next five to 10 years, those new people will come through, new operators and new ideas, which should invigorate the sector."
In the interim, improving short-term cash flows is essential to positioning New Zealand to capitalise on those opportunities in the future -- and that starts with processors.
With EBIT (earnings before interest and taxes) margins low, free capital to reinvest in the processing sector is sparse and progress remains stagnant.
"As a longer term trend that can't continue," Williams says.
"The innovation pipeline will die and industry will become less efficient in the absence of that reinvestment flowing back through."
What is clear is that change is on the horizon for the red-meat sector -- whether that proves to be organic or otherwise is all that remains to be seen.
