The beef schedules are showing signs of hitting the bottom with prices unchanged this week. NI lamb is back to $6.90, with SI lamb back to $6.80. On the dairy front, the GDT auctions are only down this week by 1.2%, with WMP only down 0.5%, this may also be showing sign of hitting the bottom with prices more settled. Coronavirus is causeing a lot of market volatility around the world for something that is not much more than the Flu that most of us battle with each year anyway. Our drought in North Island is getting less coverage by media and is causing more damage at present than this virus will ever do to NZ! Some dairy farms are already drying off with many others on once a day and the tankers heading to Fonterra are dropping by the day! On the beef & sheep front, drought for most areas is also the problem to cattle or sheep with limited buying power and prices well back. Those who are willing to meet the market are still moving stock but limited numbers are coming out at present. Most store lambs available from the North Island and heading South to greener pastures. We won't see much change here until we get some decent Autumn rains to set farmers up for heading into the Winter!
Have a great week and try stay positive from the MLR team.😀