New Zealand predicts lamb price increase
New Zealand's Ministry of Agriculture (MAF) has predicted high prices for lamb in the coming year, based on lower worldwide and domestic sheep numbers.
MAF anticipates New Zealand lamb prices will remain at relatively high levels over the coming year, on the back of the ongoing recovery in the global economy and lower overseas lamb supplies.
Latest estimates for New Zealand lamb production for the current season point to a fall in the region of 5pc to 21.5m head, according to Bord Bia's Peter Duggan.
The key driver of this fall is the expansion in the dairy herd at the expense of the breeding ewe flock.