Lamb Prices Surge as UK Exports Rise and Middle East Trade Outlook Improves

Global lamb and mutton markets are experiencing record-high prices. In Australia, the National Mutton Indicator rose 21¢ to 886¢ / kg cwt and turn‑off sheep fetched $236 per head, while U.S. slaughter lamb prices jumped 56% year‑on‑year. Supply remains tight, with a 55% surge in sheep yardings still falling short of buyer demand.

In the United Kingdom, Q1 2026 sheep‑meat exports increased 19% year‑on‑year, driven by stronger EU demand and limited domestic supply. Export volumes to the EU rose 18%, led by France and Germany. Imports held steady in volume but their value rose 23% as global prices climbed. New Zealand remained the largest supplier but its shipments fell 9%; Australian exports grew 32%. Frozen imports rose 5% while fresh imports slipped 16%.

Analysts note that a potential peace deal in Iran could reopen Middle‑East trade routes, further supporting lamb and mutton market activity.