Australia: Sheepmeat hits records
While the sheepmeat market experiences record prices, the Australian wool market is less robust. The Eastern Market Indicator (EMI) showed a slight 7% price lift, but it’s nowhere near 2019’s record high of $20/kg. Increased costs from shearing, crutching and labour are likely contributing.
Data analysis indicates a moderate correlation between sheepmeat prices and wool prices. This means increasing lamb prices (Merino Lamb Indicator) will not necessarily lead to increasing wool prices (Eastern Market Indicator).
When analysts examine the meat and wool price relationship, they assess each variable using a correlation coefficient.
A positive correlation coefficient (r-value) indicates an increase of one variable will see a similar increase in the other variable. A negative r-value suggests an increase in one variable will see a decrease in the other variable.
Analysis of the EMI and the Merino Lamb Indicator show a moderate positive relationship – likely reflecting that sheepmeat is a by-product of wool production in Merino-based systems.
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