Beef and lamb profitability to hit 15-year low

Inflation, farm costs and weak economies in key markets will all contribute to a tough year for farmers. (Image: Getty)

Wed, 11 Oct 2023

Demand for sheep and beef will recover slightly, but not enough to outweigh continuing increases in farming costs, according to a new report from Beef + Lamb New Zealand.The industry body’s New Season Outlook 2023-24 forecasts “another tough year for farmers”, its 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. This is a 15-year low, when you t...

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