Sheep Industry News June 2024

commercial sheep and lamb slaughter to be fractionally – 0.1 percent – below a year ago to just under 2.2 million head. Average dressed weights are forecast to be down 2.6 percent from 2023. Lower dressed weights combined with a marginal decline in slaughter numbers are expected to result in a 2.7-per cent decline in commercial lamb production to 127 million pounds in 2024. LMIC is forecasting lamb imports to increase 3 percent to 293 million pounds. Prices are expected to remain strong through the remainder of 2024 with annual feeder lamb prices forecast 33 percent above last year at $245 to 253 per cwt. An nual average fed lamb prices are forecast 17 percent higher to $197 to $203 per cwt. WOOL UPDATE The wool market signaled a mixed-to-weaker tone through most of April with prices varying among the micron levels. While the number of bales offered during the month trended lower in Australia, multiple United States wool warehouses held sales in late April. During the month, the number of Australian bales offered started at just more than 50,000 bales but fell each consecutive week with under 40,000 bales offered the week of May 3 – the lowest since early March. As the number of bales offered during

the month moved lower, so did prices. In April, prices for 17 to 19-micron wool were about 1 to 2 percent lower than the prior month and down more than 20 percent from the same period last year. Prices for 20 to 22-micron wool were essentially even with those in March but down about 10 percent from last year. The price of 23-micron wool in March posted a 2-percent increase from the prior month but was down almost 4 percent from last year. Prices for 24 to 32-micron wool were down about 1 to 2 percent from March and were generally lower than a year ago. Merino carding was about 1 percent higher than a month earlier, but the first few weeks of May were slightly lower than April’s price. Current economic conditions in the United States and globally continue to impact the wool market. Slower domestic economic growth in the first quarter coupled with persistent inflation has dampened expectations for lower interest rates. As a result, movements in the wool market during the last few weeks have been influenced more by movements in foreign exchange rates as demand remains rather static. Global economic conditions continue to weigh on the wool market as demand remains lackluster, particularly for coarse wools. The market will need to keep supplies in check to support prices under these conditions.

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June 2024 • Sheep Industry News • 7