GOAT meat prices have gained further momentum recently as supply levels tighten following recent rainfall in the eastern states.
Meat & Livestock Australia said over-the-hook goat meat prices are approaching levels not seen since 2017.
As of 29 April, goat over-the-hook indicators jumped 44 cents to 680c/kg carcase weight, 47 percent above year-ago levels and the highest prices seen since July 2017.
MLA said goat meat prices peaked at 683c/kg cwt in July 2017 before a price correction. In 2019, prices have been steadily increasing and are currently 100 cents higher than the beginning of the year. At current levels, OTH prices remain above both year-ago levels and the five-year average, MLA said.
MLA said due to recent rainfall across parts of the eastern states, many goat producers have likely chosen to hold onto their stock. This tightened supply and reduced slaughter is correlated to the increase in goat OTH prices seen in recent weeks.
MLA said 2019 goat slaughter continues to track below the five-year average and 2018 levels. For the week ending 3 May, eastern states goat slaughter totalled 15,340 head, 56pc below year-ago levels.
Goat meat exports have felt the effect of the reduced turn-off so far in 2019, totalling 6700 tonnes shipped weight, 30pc lower than the same period in 2018. The United States remains the largest market for goat meat exports, accounting for 67pc of all exports in the first quarter of 2019, MLA said.