A report released by Rural Bank shows positive signs of SA’s lamb industry.AUSTRALIANlamb and mutton prices and export demand are expected to remain strong this year,according to Rural Bank and Rural Finance’s July 2016 Australian Sheep and Wool Update.
The report reveals that a promising weather forecast for the next three months, a JuneEastern States Trade Lamb Indicator increase of 9 per cent and an ever-increasingappetite for Australian lamb in the United States and the Middle East, represent a positive outlookfor the Australian sheep sector.
The July 2016 report, launched by Rural Bank and Rural Finance’s specialist insights team AgAnswers, provides producers and industry with a concise analysis of the sheep and wool sectors.
With data on vegetation and rainfall, price, production and demand for sheep meat and wool, thereport presents an analysis of key trends in global and domestic markets.
Rural Bank and Rural Finance head of sales Simon Dundonsaid that while conditions varyacross the country, the Australian sheep industry was continuing to grow and develop and was now ina strong position to reap the rewards of a particularly strong export market.
“Favourable market conditions combined with a smaller than usual national flock has meant thatfarmers are now in a position to command well above average prices for their product,” he said.
“This isthanks mainly to a very stable domestic market and an ever increasing demand internationally forAustralian lamb.”
According to the report, sheep and lamb prices have increased year-on- year across all states,apart from Tas, and are now well above the five-year average, thanks to a combination ofstrong export demand, declining flock size and anticipated flock rebuilding by farmers.
With year-to- date exports to the USand the Middle East also increasing by 30pcand 24pcrespectively, and total live sheep exports now 36pchigher so far this year, itis a positive time for Australian sheep exporters.
The report confirmed that wool production declined in the 2015/16 season mostly due to fewersheep shorn and lower fleece weights.
China remains Australia’s most lucrative market for wool,with 75pcof Australian wool exports bound for the Chinese mainland.
“While Qld and Tas based wool producers in particular continue to face a numberof challenges, sheep producers across the nation can rightly feel very optimistic about the futureof their industry,” Mr Dundon said.
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