Kate Hawkesby

It's amazing, isn't it, how well we've done.

I take my hat off to our farmers and our producers getting product into market at this time when we've got

rising fuel costs, geopolitical issues.

Basically, what's happening is we've got tight export supply in beef and lamb.

U.S.

herd numbers are at their lowest in 70-odd years.

Sheep flocks have been diminishing through sort of droughts around the world, animal diseases and the like.

So we have been doing incredibly well.

How long can it last?

Well, when I was in the States, I was talking to a few people in Manoa.

They said probably two years to rebuild their herd numbers.

Another guy said maybe four years.

So despite tariffs that we've had in the past and we may get in the future, the market is certainly in great shape.

I guess a little bit of concern for us is Brazilian beef is coming in there now.

There's been an announcement from President Trump in the last couple of weeks.

He's been concerned about, I guess, the domestic price of grinding beef because they consume about $3.

burgers per head per week.

So it's a big market.

And I watch all this sort of global play on a daily basis almost.

And China's relisted, which basically means opened up another 425 plants from the US since President Trump and Xi had their meeting a couple of weeks ago.