Lamb prices have continued to decrease in August for all categories but continue to be the highest ever received for this time of year. The monthly average price graphs have been updated for lambs <79pounds, 80-94pounds and 95-109pounds. As shown in Figure 1, the monthly average price for 80 -94 lb lambs started to decrease in June and continued to drop in July and August. It is likely there will be some recovery in price in September for thee Eid al-Adha holiday.
Figure 1. 5 Year Average Market Price by Month 80 – 94 lb Lambs
Due to the Eid ul-Adha holiday entering September, it is expected that the price drop seen in November 2014, 2013 and 2012 will happen in October in 2015. The monthly price graphs are shown for the 95-109 pound lambs in Figure 2 and the 79lb or less lambs in Figure 3. The price for both categories recovered in December 2014 with a significant jump in price in January 2015 and large increases in price for Easter.
Figure 2. 5 Year Average Market Price by Month 95-109 lb Lambs
Figure 3. 5 Year Average Market Price by Month Lambs 79 lbs or Less
The volume of animals through the auctions remains lower than last year to date for every category of sheep and lambs. Figure 4 shows the year to date volume of animals in each category for the past 7 years. The increased volume of lambs going to market in 2013 and 2014 was likely the result of the low prices in the last half of 2012 and 2013. Producers would not have had the cash flow to keep many replacement animals for the flock.
Figure 4. Year to date August Volume of Lambs and Sheep Sold
Source: The prices and volumes on these graphs are weighted average values for Ontario live market auctions as reported by Agriculture and Agri-Food Canada Red Meat Information on August 27, 2015.