That deal had the potential to add additional value to what was already New Zealand's largest market by volume.
In a recent update to suppliers, Silver Fern Farms chief executive Dean Hamilton said it had been an unusual season so far. Weather through much of the country had gone from dry in January to wet in March.
That had been particularly accentuated in the North Island and, as a result, sheep and beef numbers being processed were down more than 15% and 30% respectively over the same weeks last year in the island.
Such a sharp reduction had created challenges for Silver Fern Farms, along with other processors, as capacity had to be idled. Three and four-day working weeks were common, Mr Hamilton said.
Competition for lower numbers had pushed procurement prices up as processors sought numbers to cover fixed costs and avoid triggering minimum wage top-ups. Livestock flows were expected to normalise as temperatures cooled further in autumn, he said.
BNZ's latest Rural Wrap said the 2016-17 season average lamb price forecast was pushing up towards the mid-$5kg mark.
Lamb prices in the UK had continued to run higher and prices now were more than a third higher than a year ago. The gains were getting big enough to offset weakness in the pound.
In an update to farmers, Beef + Lamb New Zealand chief executive Sam McIvor said Brexit was going to be a complex process ''with a lot of moving parts'', some of which had potential downsides and others which might lead to opportunities for the industry.
In the short term, the most important thing was that nothing would change while the UK was negotiating its exit from the EU.
Since the Brexit vote, B+LNZ and the Meat Industry Association had been working closely with the New Zealand Government.
The organisations had provided a submission outlining the key considerations /implications for the industry, representatives had met regularly with Trade Minister Todd McClay and Primary Industries Minister Nathan Guy, and there was almost weekly contact with MPI and Mfat officials to share information and analysis.
The EU took nearly 50% of New Zealand's total global sheepmeat exports, worth almost $1.3billion. Of that, nearly half went to the UK.