Australian sheep producer sentiment rebounds courtesy of season and better prices

The confidence of Australian sheep producers has jumped substantially this quarter, riding on the back of improved prices. According to the latest Sheep Producer Intentions Survey released by Meat & Livestock Australia and Australian Wool Innovation, sheep producers are buoyed by better prices for lamb and mutton and improving seasonal conditions in some states. Producer net sentiment for the sheepmeat sector has lifted from minus 42 points in October 2023, to plus 42 points in October 2024. All states other than Western Australia reported a positive outlook for the sheepmeat sector, with New South Wales, Victoria and Queensland reporting the highest numbers. Western Australian producers, who face a series of challenges including the cessation of live sheep exports, tough market conditions and dry season conditions, reported a sentiment figure of minus 2 points, although this is a 69-point increase compared to the 2023 figure. According to senior market analyst at MLA, Erin Lukey, ...