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NZ Farm Profit Margins Expected To Hit A 15-year Low

NZ farm profit margins expected to hit a 15-year low

While the outlook is for global sheep meat and beef demand to recover slightly, ongoing increases in farm costs are expected to reduce farmers’ incomes sharply for the second year in a row, according to a new report from Beef + Lamb New Zealand.

The industry organisation’s new season outlook 2023-24 predicts “another tough year for farmers”, B+LNZ’s chief economist Andrew Burtt said.

“We’re forecasting farm profitability to fall by 31% for the 2023-24 year, which follows a decline of 32% in 2022-23 and means profits for farmers have more than halved in two years. Burtt said this was a 15-year low when inflation was taken into account.

“The global outlook for the red meat sector remains fragile.” While demand is expected to recover slightly from last year, prices are likely to remain soft compared to the highs of two years ago, especially for lamb and mutton.

“The global population and demand for protein is expected to continue to grow and therefore the fundamentals for the sector remain sound.”

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