Rabobank’s senior animal protein analyst says New Zealand’s beef supply is likely to lift modestly in 2026, supported by strong pricing signals and improved confidence across finishing systems, according to Rabobank’s Q1 Global Beef Quarterly report. The 2025 New Zealand season marked a production low, with the country’s smallest annual beef output since 2017. Plus, we look at the buoyant lamb market and ask how long it can defy gravity.