During the past 24 months sheep-meat and wool prices have been tracking well above their long-term averages. More recently prices have retreated from the peaks seen 12 months ago, which makes us wonder if there have been any developments around demandfor lamb and mutton which could have caused these changes. The recent rallies in lamb and mutton prices can be traced back to the first quarter of 2010. However, sheepmeat prices had already been gradually improving since early 2007 following the firsthalf of that decade in which prices had been in the doldrums.
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