Lamb prices continue to edge up as producers hedge their bets between retaining lambs and selling them. And while prices are higher than at the same time last year, pundits are tipping much more upside to follow.
The eastern market indicators rose for all categories in the past week. The Eastern Market Indicator for trade lambs closed on Tuesday at 789 cents, up 11c/kg. Heavy lambs closed 803c/kg, lifting 12c/kg. Restocking lambs closed above 800c, reflecting the confidence producers have in lambs coming into winter.
Wagga's offering of 34,000 lambs was again larger than last week. Restockers swooped on secondary lambs as an affordable alternative to buying in young ewes. Some buyers anticipated the improving global lamb market would spur heavy lamb prices higher. Prices were up to $15, leaving some restockers empty-handed.
Store lambs sold from $140-$167. Light and medium weight trade sold to feedlots at $150-$183. The best trade lambs ignited bidding, lifting $5 making from $180-$206.
The strength of the lamb market on the day was for heavy lambs, with rates surging $18-$25 making from $200-$298. The lamb market, including light lambs, averaged a phenomenal $191 a head across all categories, with 167 pens selling for more than $200.
In the mutton section, the pressure on buyers to find suitable heavy sheep amid dwindling supplies continued to fuel the market.
Processors paid to $250, a jump of $32, with medium and heavy sheep tracking from 562-661c/kg cwt.
Price records at some selling centres fell as the lamb market shows no signs of slowing down.
- Leann Dax
Price records at some selling centres fell as the lamb market shows no signs of slowing down in opening sales on Monday.
Bendigo had a larger yarding of 11,516 lambs and 3294 sheep. Supplementary fed Merino lambs reached $260. According to the NLRS it was a new record for the breed at the selling centre.
Meanwhile, heavy lambs topped at $297, just $3 short of last year's record. Heavy lambs gained $18 to average 874c/kg cwt. Trade lambs bounced $11-$16, boosted by limited supplies. The pick of the trade lambs sold at $160-$215 to average 844c/kg cwt.
Lamb and sheep prices gathered pace at Ballarat on Tuesday in a smaller offering of 21,407 lambs and 10,000 sheep. Good quality trade lambs were dearer with prices spiking $8-$17, to average 882c/kg cwt. Heavy lambs reached last week's record price of $300, gaining $11 and averaging 830c/kg cwt. Mutton rates jumped $20-$47, averaging 640-716c/kg cwt.
