AMERICAN wholesale lamb prices will remain above average through May, June and July, a report prepared for Meat & Livestock Australia has predicted.

The US Lamb Market Update by Steiner Consulting showed that Australia continued to dominate US lamb imports with 79 percent of business in 2017 and 78pc in 2017, with New Zealand supplying the remainder.

The Steiner update said that United States wholesale lamb prices remain particularly strong, due to robust demand and the limited availability of imports.

Total US lamb imports continue to track below year-ago levels, with year-to-April 7 volumes down 9 percent compared to the same period in 2017.

Although continuing to dominate the import market, Australian imports are down 14pc year-on-year, MLA said.

MLS said lower volumes in early 2018 have been reflected in stronger prices for imported lamb. For the week ending April 19, USDA’s price for fresh large Australian lamb racks, cap off, averaged $10.24/lb, 16pc higher than a year ago.

The Steiner update said the domestic lamb cut-out value in March was $3.69/lb, 11pc higher than a year ago and 8.2pc higher than the five-year average.

“Last year lamb prices rose sharply in May and June following the sharp increase in US beef prices.

“At this point our working forecast is for domestic lamb prices in May/Jun/July to remain above the five-year average, but trade below last year’s levels.”

Click here to read the full Steiner Consulting report.

Source: MLA.