New Zealand Agribusiness June 2021
Here are the main highlights for some of New Zealand’s key commodities. The full report provides an overview of the developments to watch in the upcoming weeks.
- Continued sheepmeat demand from key markets, in combination with seasonal tightening of supply, is expected to see prices firm through June 2021
- Australian foodservice recovery outpaced that of China and the US in April, but will slow with Victoria’s lockdown
- Downside ahead expected for global urea markets in coming months. Due to the time taken for procurement and shipping, it is expected that this will be too late for local farmers this winter and spring season.
- Rabobank expects that the divergence of expectations for rates in the two countries will see the NZD hit USc 74 within six months
- Ocean freight prices for dry bulk and container freight continue to trade at record highs. Without any significant government intervention, it is expected to see this rate spike continuing into Q1 2022.
Where to go from here
Tim HuntHead of RaboResearch Food & Agribusiness - Australia & New Zealand Read more
Emma HigginsSenior Analyst - Dairy Read more
Michael HarveySenior Analyst - Dairy Read more
Angus Gidley-BairdSenior Analyst - Animal Protein Read more
Cheryl Kalisch GordonSenior Analyst - Grains & Oilseeds Read more
Wesley LefroyAnalyst - Agriculture Read more
Charles ClackCommodity Analyst Read more
Dennis VoznesenskiAnalyst - Grains & Oilseeds, Animal Protein