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US imported lamb market update
Increasing supply stemming from Australia and New Zealand has resulted in easing US imported lamb prices in recent weeks, however, prices remain above year-ago levels.
US domestic lamb market:
- For the four weeks ending July 14, US domestic sheep and lamb slaughter averaged 34,700 head/week, 1.9% lower year-on-year and down 10% on the five-year average.
- Lamb cold storage stocks at the end of May were 35.6 million pounds, 19.3% higher than a year ago and 12.7% higher than the five-year average.
- Ample cold storage inventories, high retail prices and competition from other proteins have notably impacted demand for lamb in the US market.
Imported lamb:
- Lamb imports from both Australia and New Zealand have been increasing in the last three months, with June imports notably higher for both countries.
- In the four weeks ending July 7, Australian lamb imports averaged 1,089 MT/week, 19% higher than the same four-week period in 2017.
- Prices for imported lamb remain above year ago levels. However, lower domestic prices, increased supply of imports and a lack of retail features have begun to negatively impact prices in recent weeks.
Read the latest monthly US Lamb Market Update prepared by Steiner Consulting