Australia's Lamb Market Boom: Record Prices, Shrinking Flock

0:00Australia's sheep and lamb market is on fire, defying high-fuel prices and global jitters. The Dean family from Torello in Victoria just sold heavy lands for a record $500 apiece at Ballarat Sill yards. Demand is through the roof at home and abroad while supply stays tight. Meat and livestock Australia's top analyst says, heavy and trade lamb prices keep climbing for US and Asian buyers, though light lambs dipped a bit. From Middle East tensions, Darren Dean cannot be happier, calling it a huge win to cover fertilizer, diesel and farm bills. Plenty of folks are shocked by this rally, with restocker lambs fetching over $5 per kilogram more than last year. Numbers at Eastern Yards are down 10% from 12 months ago, propping up those sky-high prices. Meanwhile, Australia's sheep flock is shrinking fast, projected to hit a record low of $64 million, 600,000 head by 20, 28.

1:00Analysts forecast the trade lamb indicator could smash records at up to $12.12 per kilogram by June 30th. But as costs bite everywhere, question is, how long will shoppers keep dropping $51 per kilogram on cutlets before the bubble tests? Gravity. This has been Sydney News Today, powered by AI. I'm Cory with the story.