Australia and New Zealand end-of-season update in the lamb market

New Zealand slaughter numbers have fallen in the past month, with the most recent week of 17 August showing lamb numbers sitting 29% lower than the same week in 2023. This lower slaughter has allowed for growth in pricings, which is slowly drawing out the remaining lambs in the system. Procurement pressure is driving this boost in prices, which may be set to continue in the coming months as lamb supply remains tight. However, total slaughter so far this season (up to 17 August), sits 3.4% higher than 2023, when the lamb crop and slaughter capability was impacted by poor weather conditions. Looking externally, Rabobank report that export demand looked strong to the EU, UK, and USA in July. This contrasts with demand from China, which remains challenging, forcing New Zealand exporters to lean onto other markets to gain maximum value from the carcase. The picture is similar in Australia, where there have been reduced numbers of lambs available. Rabobank note that this is due to ...