Most eastern states' lamb indicators showed cheaper trends at the end of the last trading week.
Restocker lambs tumbled the most losing 23 cents a kilogram, down 22c/kg on the previous week.
It still sits at the highest premium over the same time last year at 875c/kg carcase weight.
The trade lamb indicator was at 753c/kg last Friday, slipping 1c/kg on the previous week, while heavy lambs gained 5c/kg to finish at 749c/kg cwt.
Merino lambs closed at 709c/kg, down 19c/kg week-on-week.
Meat & Livestock Australia's National Livestock Reporting Service quoted quality either very good or very mixed across most of the southern markets, with trade lambs losing $3-$4 at Wagga Wagga, NSW, in the Riverina last week.
Lamb and sheep prices are behaving erratically as the very mixed quality in two states bolsters the markets.
However, lamb prices were showing signs of rebounding on Monday as saleyard supplies of finished lambs tighten, particularly at northern markets.
But the sheep market is feeling the biggest impact despite the shrinking supplies.
The mutton indicator retreated a further 19c/kg to rest at 615c/kg cwt on Monday evening.
Agents yard more lambs at Hamilton
There were 33,690 lambs at Hamilton on Monday, about 5900 more than a week ago.
The general run of trade lambs improved $2-$7 making from $142-$200 a head with the heavy trade 22-24kg averaging 749c/kg cwt.
Heavy lambs sold from $176 to $236 to average 692-734c/kg cwt.
Light weight lambs were being supported mostly by restockers and some butcher orders.
Restockers travelled from Finley, NSW, Mildura, Swan Hill, Bendigo, Horsham and south-east South Australia.
Lambs returning to the paddock sold $4-$12 dearer selling at $68-$148.
Export processors were fence sitters and not willing to chase the market for MK bag lambs.
This resulted in a rate drop of $4 to average 798c/kg cwt.
Heavy lambs sell well at Bendigo market
At Bendigo on Monday prices continued to be influenced by the restricted supplies of finished stock across trade and heavy export categories.
The best rates recorded were for extra heavy lambs.
Prices bounced $15 for both woolly and shorn pens.
The shortage of numbers pushed rates over 800c/kg to average 792c/kg cwt.
While bidding for the best domestic lambs was strong prices were unchanged to a few dollars dearer with 22-24kg trade lambs reaching $194.
Heavy mutton slipped $3-$5, with competition driven by Fletchers International.
Heavy ewe mutton topped at $260 while trade sheep averaged 648c/kg cwt.
- Leann Dax is an NLRS market reporter.
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