Sheep Industry News December 2024

consistently been tracking between $460 to $480 per cwt. since the start of the year through mid-November, with a weekly average of $471 per cwt. The steady lamb cutout value is due to steady prices for the shoulder, leg, loin and rack. The shoulder price continues to track above $400 per cwt., a trend that has been in place since August. Single leg lamb prices have been consistently above $520 per cwt. since April. In mid-November last year, single leg lamb prices were around $460 per cwt. Prices for lamb loins have been holding between $690 to $720 since the start of the year. Since July, lamb loin prices have been above $700 per cwt. Prices for lamb rack have ranged from $1,100 to $1,160 per cwt. since the start of the year. In mid-November the lamb rack price was near $1,160 per cwt., which was the highest price so far for 2024 and above the same period last year. Slaughter lamb prices – national negotiated live – started to move seasonally lower from $209 per cwt. in early-July to $155 in October, a decline of $54 per cwt., or 26 percent. Since the low in October, slaughter lamb prices have risen more than 10 percent – $16 per cwt. – to the mid-$170 per cwt. area in mid-November. The three-market feeder lamb price (60 to 90 pounds, Colorado, South Dakota and Texas) has gained ground from the lows around $200 per cwt. in September and October to around $250 per cwt. in

mid-November for an increase of about 25 percent – $50 per cwt. Seasonally, the three-market feeder lamb price will typically move higher through November and December. WOOL MARKET UPDATE In mid-October, the number of bales offered in the Australian market reached just more than 41,000. In subsequent weeks, the number of bales has moved lower into the mid-30,000 range. De spite the smaller number of bales being offered, wool prices remain stagnant. Prices for 17- to 25-micron wool have generally been tracking about 1 percent to almost 2 percent lower than the prior month but posting modest improvements over prices seen during November 2023. In late October and early November, prices for 26- to 32-micron wools were even to slightly higher by about 1 to 2 percent from the previous month with similar gains when compared to a year ago. Merino cardings were down just over 1 percent from a month ago but higher by about 2 percent from a year ago. Exchange rates continue to be a factor in wool prices. Into early November, the U.S. dollar had strengthened moderately against the Australian dollar. A strengthening U.S. dollar relative to the Australian dollar could be a headwind to American wool prices and exports.

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December 2024 • Sheep Industry News • 7