Lamb prices continued to soften over the past week as elevated supply and quality available play a role in the downward trend.
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According to ANZ's latest Agri Commodity Report, prices are unlikely to rise sharply for some time, due to the strong recovery in national flock numbers. Trade lamb prices eased 6c week-on-week as a result of easing processor demand, with the indicator reaching 634.35/kg carcase weight (cwt). Prices at Ballarat eased but remain at a premium on the national average at 676.86/kg cwt. Associate Director of Agribusiness at ANZ Alanna Barrett said to understand the causes of the price correction, it was important to look at the factors that pushed them up originally. "2011 to 2021, global consumption of sheep meat grew by 21 percent, and as a long term and safe producer of sheep meat with a large exportable volume, Australia was a major beneficiary of this demand," she said. "Even through the recent drought and stock liquidation, prices held firm, allowing producers to exit that drought period in a financial position that accommodated rapid restocking. "To put that into context, ...
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