Sheep Industry News April 2023

per cwt. and $290 per cwt. for 20 to 30 lb. and 30 to 40 lb. groups, respectively. In Billings, Mont., feeder lamb prices were $185.77 per cwt. (50 to 60 lbs.), $174.41 per cwt. (60 to 70 lbs.), and $167.07 per cwt. (70-80 lbs.). While prices are starting to trend higher in the feeder lamb sector. One key driver as to how high they can get is feed prices. Depending on if you are a seller or buyer in the feeder market, feed costs will be something to watch as we work our way through the year. TRADE In the latest trade data for January, while retail prices have been higher than a year ago, lamb imports are down in response to domestic demand. In January, lamb import volumes from Austra lia were 15 percent lower, and 6 percent lower from New Zealand. Overall, the United States imported 12 percent lower in volume compared to a year ago and the smallest monthly volume since February a year ago. In mutton trade, the United States was also down 23 percent in import volume in January. The lion’s share of the decrease came by way of Australia at 28 percent lower in mutton import volume. With the United States market showing some signs of positivity and the larger Australia flock – as indicated by last month’s article – the U.S. might start to import more from Australia as we work through the year.

MOVING FORWARD Each sector of the supply chain has shown signs of upward price movements. From a retail perspective, we are closing in on the higher expected seasonal demand, thus we can expect continuation of higher slaughter lamb prices. From a production perspective, if the drought breaks in the coming months, and if feed costs start to trend lower, prices could really start to ramp up in the feeder lamb markets. The optimism on prices will be dependent upon strong continu ous consumer demand and import volume.

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April 2023 • Sheep Industry News • 7

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