How could Australia impact the UK sheep market in 2024?

The Australian sheep flock currently sits at the highest level since 2007, with 28.75m head according to MLA. This is as a result of regrowth in the breeding flock, and better scanning rates, following years of destocking due to drought from 2019. Following on from the record sized sheep flock, production and slaughter levels in Australia have grown throughout 2023. Commentary from ANZ Agribusiness shows that processing of lambs increased 9% year on year in November. Reports have shown that rain has boosted confidence in producers and processors, who were concerned about a season of dry weather from El Nino. The weather will play a large role in both production and prices in Australia, which could impact our domestic market. Continued rain for the rest of the Australian summer could benefit producers who are able to hold back lambs for a better carcase confirmation, which could steady out the stream of lambs for processing. This could provide some buoyancy to price especially in ...