The current average price of EU lamb (Nov-Jan) rose by 13% against the previous average (Aug-Oct). Declining EU production and lower EU imports from Australia and New Zealand have been the two main reasons behind the price increase.
Similarly, the November to January average price for New Zealand lamb is 1% higher than the previous average (Aug-Oct), and up 11% y-o-y. Surging meat demand from China, following the outbreak of African Swine Fever (ASF) has pushed New Zealand lamb prices up.
Besides, Australia has been increasing its slaughter rates due to the recent drought, which has led to forage shortages. Therefore, over the next three months, Australia is expected to supply higher volumes of lamb and sheep meat on to the market.
From economical to political, all the factors impacting the lamb market have been analysed to provide a market outlook for the next three months. Mintec’s market outlooks (schedule) provide insights on factors shaping the market dynamics of various commodities, providing the opportunity for market participants to stay ahead of factors that will impact procurement decisions.