BOOMING export demand and tightening supply are driving Australian goat meat prices higher.
Meat and Livestock Australia said the eastern states export over-the-hook goat indicators reached new highs again in February, averaging 515c/kg cwt, up 125 cents year-on-year.
Interestingly, it was the same time last year that goat prices went from strength-to-strength and surpassed previous monthly records, MLA said.
International demand is the driver
MLA said international demand is clearly the strong driver underpinning the high price trend for goats. Australian goat meat exports during February were 30 percent higher year-on-year, at 3015 tonnes.
Shipments to the US accounted for 66pc of total exports and were up 48pc year-on-year, at 1989 tonnes – the highest volume since October 2015.
Korea took 205 tonnes, up 37pc year-on-year, while volumes to Taiwan eased 21pc, to 240 tonnes.
Assisting prices was a slump in the average weekly goat slaughter during February of 3pc year-on-year to 36,752 head. However, this 19pc higher than the five-year average of 30,881.
MLS said supply in early March has already been influenced by weather conditions, with goat slaughter reaching 52,467 last week. The state where the greatest rise occurred was Victoria, with the highest number processed since mid-2014, at 20,272 head.