Sheep

After four years of increasing values, 2020 has seen steep decline in values with an 18% average drop.  A two-tooth ewe is now valued at $177 compared to $214 in 2019.  This equates to a 17.3% decrease. Only rams bucked the trend with a small increase in values to $340.

Drought has also played a part in the depressed values as farmers, particularly in the North Island and upper South Island have had to destock.  Values have started to pick up again in the past month, but uncertainty in international markets, particularly the high value restaurant trade in Europe and the United States leaves a large cloud hanging over future values.