Sheep Industry News August 2024

lower across most microns, especially finer microns. Fewer bales have been offered in these early Australian sales. An annual three-week recess will begin in August. Using U.S. prices at Charleston, S.C., prices have declined for 22 micron and under for the fourth consecutive week. Higher micron wools have experienced more stable prices with 23s, 25s and 28s increasing while 26s and 32s declined by 7 and 2 cents, respectively. While some buying might pick up on higher prices, across the board gains will likely have to wait on improved eco nomic conditions, especially in Europe. Inflation and slow economic growth are combining to limit demand and that is likely hitting the finer micron wools relatively harder. SUMMARY Lamb prices have been resilient in the face of increased supplies. Perhaps surprisingly, supply growth has come from both domestic and foreign sources. As usual, the growing U.S. economy – as measured by gross domestic product and low un employment – will be important determinants of demand and a source for demand growth. Continued economic growth and improvement will boost the wool side of the market, also.

cuts have been above a year ago. A widening price premium for domestic lamb legs compared to Australian lamb legs has likely supported imports. Given larger supplies of lamb, it might be difficult to maintain higher prices than a year ago later this year. WOOL On the wool side of things, a new marketing year in Aus tralia has begun with some fits and starts. Prices are generally

August 2024 • Sheep Industry News • 7