Sheep and beef farmers are looking down the barrel of their worst year in 15 years

Beef and Lamb New Zealand's Mid-Season Update forecasts farm profits to be down 54 percent this financial year - to an average of 62-thousand 600-dollars per farm.

Chief Executive Sam McIvor says trading conditions are worse than they predicted back in October, due to no recovery in China, and bigger Australian exports of red meat.

He says they'd originally forecast a lift in sheep meat prices, and that was off positive signs from China at the time - but those rises just haven't eventuated.