Buoyant beef
Beef prices have continued to lift over recent months. This is from already high levels and against some easing that typically takes place at this time of year. Beef is buoyant.
Not only are beef prices about a third higher than a year ago, but they are also up two thirds on two years ago. It is a significant lift. From a bit below average two years ago, prices are now substantially above average.
Significant moves and building buffers
Volatility and uncertainty seem to be omnipresent with the primary sector seeming to see more than its fair share. It shows up in many forms as we have witnessed over recent seasons. Change can occur quickly.
Dipping dairy dynamics
Dairy prices have been generally strong in 2025 and the national income flows from it have been robust. However, the dynamics are changing with the global dairy market now clearly softening. A surge in global milk supply is putting material downward pressure on prices.