Three weeks into winter and the lamb market is still trying to find a sustainable price base.
After reaching close to last year's price levels pre-COVID-19, rates have quickly reduced across all selling centres.
The national lamb indicator for heavy lambs has slumped 90 cents per kilogram cracase weight year-on year.
And last week shed a massive 43c/kg to rest at 834c/kg cwt.
The trade lamb indicator showed a price correction of 25c to average 869c/kg cwt.
Trade lamb prices weakened at most saleyards as processors gave limited support to auctions due to supplies being booked for direct slaughter and on forward contract deals.
Processors also said they have been met with buyer resistance at the shop counter, with households seeking cheaper proteins.
It was evident at Wagga Wagga, NSW, with Woolworths and Coles buying only limited numbers.
Prices for trade lambs slipped below 870c/kg carcase weight in plenty of sales, with the bulk averaging 870-900c/kg cwt.
The lack of competition across heavy lamb categories hit the market hard particularly for lambs 30-40kg cwt with surplus of meat on wharfs impacting on demand.
Heavy lamb values were wound back $20 with prices averaging 749-805c/kg cwt.
In the mutton run prices fell short of vendors expectations with some suggesting it was back more than $40 for heavy grades.
The National Livestock Reporting Service quoted heavy ewe mutton $40 cheaper making from $192-$240 to average 610c/kg cwt.
Trade sheep fell $6-$10 averaging 630c/kg cwt.
Cheaper heavy lamb prices were reported in Bendigo and Corowa in southern NSW in opening markets Monday, following on from cheaper results last week.
However, trade lambs were the bright spot at all selling centres including Dubbo.
Trade buyers picked up 90 per cent of the yardings as local competition and feedlot demand dwindled due to stronger market prices and wet wintry conditions across Victoria and NSW.
Trade lambs at Bendigo were unchanged to $7 dearer with buyers paying premium rates for shorter skinned types to average 862-909c/kg cwt.
The extra heavy lambs slipped $20-$37 making from $215-$261 averaging 760- 802c/kg cwt.
Lamb supply at Ballarat rose to 17,038, while sheep numbers declined significantly to just over 3450.
Lambs suiting supermarkets and domestic buyers in a shorter skin sold $5 dearer making from $178-$221.
What has become evident in the trade market is fat cover, with woolly lambs lacking conditioned discounted. The mutton market took a left hook, with heavy ewes $10-$15 cheaper averaging 671c/kg cwt.
- Leann Dax is an NLRS market report.
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