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Australia enjoys record sheepmeat prices 27 Jan 2010
Australian lamb prices are at record levels for January as the Eastern Trade Lamb Indicator hit 501/kg cwt this week, 24% higher than the previous record.
Australian lamb prices are at record levels for January as the Eastern Trade Lamb Indicator hit 501¢/kg cwt this week, 24% higher than the previous record. All national lamb categories were well up on last year – by between 22% (heavy lambs) and 34% (restocker).
Lamb demand remains intense from processors, live exporters, feeders and restockers, driven by strong local and overseas interest. Similarly, mutton sheep prices hit a record of 326¢/kg cwt this week, driven by strong Middle East sheepmeat and live sheep demand, restocker demand and a 20% year-on-year fall in yardings.
Cattle markets are rapidly getting back into gear following the break, with a 52% jump in yardings and more buyers returning to the market this week. The early cattle price improvement has continued this week, with restockers particularly active on both young cattle and breeding cows.
Some improvement in export prices from Japan and the US in early 2010 trading and a dollar back to around 90US¢ this week is helping. However, a full recovery in cattle prices awaits a more substantive jump in export demand.
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