Australia: ABARES forecasts lamb and sheep saleyard price decline

SALEYARD lamb and sheep prices are expected to fall in 2022-23 due to increased supply and weaker consumer demand, but would rise in the medium term, according to the latest ABARES commodities outlook. And ABARES expected the benchmark Eastern Market Indicator for wool to increase 11 percent to 1443 cents per kilogram in 2023–24 and higher in a drier weather scenario. The sheep, lamb and wool price forecasts come as the gross value of agricultural production in Australia is expected to reach $90 million in 2022-23 despite flood impacts, largely as a result of gains in cropping. Farm cash income for all broadacre farms is projected to decrease nationally by around 7pc to average $327,000 per farm in 2022-23 but remain 46pc above the 10-year average. ABARES today said flock rebuilding has increased the supply of sheep and lambs available for slaughter and has put downward pressure on prices. By 2023-24, ABARES expects lamb saleyard prices are forecast to decrease to a national trade ...