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The price increase of £1.74/kg (€2.03/kg) since the turn of the year is being driven by tight supplies, strong sales, steady exports and lower than anticipated imports.
Exports of sheepmeat in February were recorded at some 52,351, with Meat and Livestock Australia reporting that it marks the highest export volume for any month on record.
The higher level of throughput is expected to meet a more positive trading environment with EU production predicted to fall by another 1.3% and religious festivals boosting demand.
The higher level of throughput is expected to meet a more positive trading environment with EU production predicted to fall by another 1.3% and religious festivals boosting demand.
The rise in imports was balanced by imports in from New Zealand falling by 330t when compared with September 2022 and running 410t lower than in August 2023.
New Zealand’s sheep and beef farmers are expected to see farm profit drop by 31% on the back of continued high costs, high interest rates and inflationary pressure.