US imported lamb prices remain above year-ago levels

Key points

• Estimated lamb and mutton cold store inventories at the end of October were 25% higher than year-ago levels, with high prices, increased domestic production, increased imports and competition from other proteins the leading causes.

• Lamb shipments from Australia trended lower in October and early November, with ample freezer inventories in the US and lower prices in the domestic market limiting volumes. Demand stemming from other markets has also diverted Australian product away from the US in recent months. However, Australia is still on track for a record year by volume of lamb exports to the US.

• The recent decline in shipped volumes from Australia and NZ, combined with strong foodservice demand and the seasonal improvement in retail business have added support to imported lamb prices.

Read the latest monthly US Lamb Market Update