The lamb market started to retreat ahead of bigger numbers and plainer quality.
Price falls of up to $50 a head were reported at saleyards on Thursday last week, just ahead of significant rain forecast for the next couple of weeks across some regions.
The continuing wet conditions this week show just how delicately poised the market is between supply and demand.
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While sales of heavy lambs reaching above $230 have become a regular occurrence, the real strength in the market has been for lambs weighing above 30 kilograms carcase weight.
Bidding from the likes of Fletcher International, Dubbo, NSW, which usually relies more on saleyard supplies for making up the numbers rather than forward contracts, have been pivotal in driving prices for the heaviest portion of lambs at markets they attend in the north.
Once under 30kg cwt, rates have started to fade generally by $10-$20.
Meanwhile, major trade lamb processors have taken a back seat at several markets, causing rates to slip across all trade weight categories.
The market hit a brick wall at Wagga Wagga, NSW, on Thursday as pressure of the ongoing wet weather, plainer quality, and a bounce in supply wiped significant dollars off all categories.
Sharp price falls of up to $50 were recorded for better-presented trade lambs, with the market fluctuating wildly at times causing considerable price dips along the way.
Trade lambs sold from $125-$185 with a single sale to $189.
Trade lambs in general averaged 690c/kg cwt.
Not even the sheep market was immune to the cheaper trends.
Heavy Merino sheep fell $30, while crossbred ewes struggled to attract buyers and also slipped $30.
Trade sheep averaged 420c/kg cwt.
A poor weather outlook and companies with plenty of sheep and lambs booked direct affected opening markets on Monday.
Losses at some sales made the best trade lambs suitable for the supermarket slip $20, according to Meat & Livestock Australia's National Livestock Reporting Service.
The Eastern Trade Lamb Indicator slipped 74c/kg to close at 744c/kg cwt on Monday, while the Heavy Lamb Indicator finished at 728c slipping 115c/kg cwt.
Bendigo's market on Monday was down 8700 head to about 28,600 lambs and despite the reduced offering, rates were up to $20 cheaper, but not as severely discounted as further north.
The NLRS reported plainer, rougher types were discounted most.
Increased demand due to flooding and a reduced offering also impacted the Ballarat lamb market on Tuesday.
Rates were mostly $10 dearer across the board.
Trade lambs ranged from $131-$229 to average 870c/kg cwt.
Heavy lambs sold at $210-$249 to average 887c/kg cwt.
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- Leann Dax is a NLRS market reporter.
