The lamb market is yet to find its floor price with $10-$20 a head wiped off trade and heavy export lamb values in recent days as processor buying activity dropped at saleyards leading into the Labour Day holiday on Monday in Victoria.
This was evident at Wagga Wagga, NSW, where there was little supermarket activity and the major export buyers including JBS, TFI and Fletcher International of Dubbo, NSW, were all selective amid reports of big numbers of stock around them.
Other markets in the past week such as Dubbo, Corowa, NSW, and Swan Hill reported patchy demand, with not all companies operating.
READ MORE:
According to data from Meat & Livestock Australia's National Livestock Reporting Service, the Heavy Lamb Indicator lost 51 cents a kilogram on Friday dropping to an average of 757c/kg carcase weight, the lowest since October last year.
The Trade Lamb Indicator dipped 33c/kg to settle at 683c/kg cwt.
The biggest price fall was for restocking lambs with the indicator plummeting 71c/kg, to rest at 581c/kg.
Mutton continued to slide backwards, dropping a further 12c/kg to finish at 339c/kg cwt.
At Wagga Wagga last Thursday, there were good numbers of lambs weighing more than 30kg cwt and despite this, subdued competition meant prices were up to $20 cheaper to average 705c/kg cwt.
Prices fluctuated across trade categories and the mixed quality was blamed for some of the erratic trends.
The quality of the trade lambs once selling off lead pens was inconsistent as the dry seasonal conditions affected finish.
Well-shaped pens of lambs weighing 21-24kg recorded price falls of $10-$15 to hover about 640-670c/kg cwt.
Meanwhile, eastern Australia's mutton job continued to lose ground, with a slump in buying activity from processors allowing values to decline $10-$30.
Heavy grades took the brunt of the hefty price correction to average 350-386c/kg cwt.
There was no lamb market in Victoria on Monday due to the Labor Day public holiday.
At Corowa, NSW, on Monday, lamb numbers dropped back to 13,290 and 4,780 sheep.
Prices for trade lambs took another hit as not all processors showed up or operated fully.
Prices were quoted $9-$12 cheaper to average 675c/kg cwt.
The sale did hold up better for light-weight bag lambs with price gains of $15.
Heavy lambs felt the pinch of restricted buyer support which resulted in a downward trend of $10-$27.
Heavy lambs weighing more than 30kg cwt topped at $211 to average 632c/kg cwt.
In central Victoria, the Ballarat lamb market on Tuesday felt the brunt of a significant price correction of $10-$20 across the board, with trade and heavy rates averaging 690-742c/kg cwt.
- Leann Dax is an NLRS market reporter.
Subscribers have access to download our free app today from the App Store or Google Play.
