Sheep Industry News June 2023

or 1.4 million pounds. Seasonally, lamb and mutton stocks gradually climb through the summer months before a drawdown during the fourth quarter holiday season. LAMB PRICES The first quarter three-market (Colo., S.D. and Texas) average feeder lamb price was $177.50 per cwt., down 45 percent from last year’s first quarter record level of $325.13 per cwt. In April, the three-market feeder lamb price averaged $210.38 per cwt. with some momentum carrying into prices during the first part of May. LMIC is forecasting the annual three-market feeder lamb price to range from $174 to $182 per cwt., down 24 percent from last year. Slaughter lamb prices (national, negotiated, live) averaged $134.25 per cwt. during the first quarter, down 40 percent from the first quar ter of last year, which was $224.17 per cwt. Prices in April averaged $156.83 per cwt., up more than $12 per cwt. from the first quarter’s average price, but more than 28 percent below prices in April 2022. LMIC is forecasting annual slaughter lamb prices to range from $140 to $148 per cwt., down 17 percent from 2022. The lamb cutout value has been trending slightly lower since the start of the year from $473.40 per cwt. to $447.42 per cwt. the first week of May. Compared to last year, on average the lamb cutout value has been tracking about 25 percent or $146 per cwt. below last year’s levels each week since the start of the year. Compared to the five-year average – 2017 to 2021 – the lamb cutout value has been tracking 30 percent or

just over $100 per cwt. higher, on average, since the start of the year. Values for the rack, loin, leg and shoulder have been holding steady or trending slightly lower since the start of the year. WOOL Wool prices across the various microns were mixed during April, but were generally showing marginal improvement at the start of May. During the month of April, prices for the finer micron wools – 17 to 19 – mostly continued the downward trend that started in March. April saw prices slide lower another 1 to 3 percent. At the start of May, fine wool prices were up marginally. Prices for medium micron wools – 20 to 24 microns – saw modest gains in April with the trend continuing into the first part of May. The 25- to 32-micron wools were slightly lower through most of April but were showing improvement at the start of May. As discussed earlier, exchange rates are a factor in the competitive ness of wool trade globally. In recent months, the Australian dollar has strengthened relative to the U.S. dollar. A strengthening Australian dollar means that Australian wool exports are more expensive, which

could limit Australia’s competitiveness to export wool globally. Conversely, a weakening U.S. dollar can lead to American wool exports being relatively more price competitive globally. The flip side to this would be a stronger Australian dollar would mean that Australia can import goods relatively cheaper, while a relatively weaker U.S. dol lar would make U.S. imported goods more expensive. AMERICAN POLYPAY SHEEP ASSOCIATION Maternal Power Plus...

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