Lamb prices have continued to come off the boil despite reduced yardings at some selling centres.
The notable reduction in competition last week pushed the Eastern States Trade Lamb Indicator back 33 cents a kilogram to 663c/kg carcase weight.
The Heavy Lamb Indicator also lost significant ground falling 33c/kg to 712c/kg, a fall of 10 per cent since the beginning of March.
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The Wagga Wagga, NSW, lamb market in NSW is the largest lamb market in Australia and has the greatest impact on the national indicators most weeks.
This sale generally sets the trend for the following week.
So, after last Thursday's market at Wagga Wagga, prices mostly moved sideways in a very erratic market with big discounts along the way.
Wagga Wagga agents said the heavy export market prices struggled for traction, with plenty of lambs showing dryness if not grain assisted.
Early lamb markets have started significantly cheaper this week on the back of processors missing in action.
This was evident at Bendigo with dry, hot conditions impacting quality in a bigger offering as selling resumed after the Labour Day holiday.
According to Meat & Livestock Australia's National Livestock Reporting Service, four major domestic processors were absent and competition was subdued.
Looking at the bigger picture, prices have started to slip below 650c/kg, with most trade lambs $12-$20 a head cheaper with a return of 600-707c/kg.
This translated to $123-$167 for trade lambs with heavy export grades over 26kg cwt making from $173-$248.
In contrast, light lambs sold $30 cheaper selling from $28-$108.
The main run of well-bred store lambs sold from $36-$84.
Mutton prices also retreated despite a small offering of heavy sheep.
Merino and crossbred ewes sold $15 cheaper and fetched $90-$122.
Light sheep attracted weak competition with some buyers leaving the market.
Light sheep sold at $20-$60 to average 283-300c/kg cwt.
At the Corowa, NSW, lamb market on Monday rates for trade lambs buckled up to $10, with quality very good.
Despite the tightening supplies the better finished lines struggled to command buyers and premium prices.
Heavy export lambs averaged 708c/kg cwt to top at $225.
A very mixed-quality yarding of lambs at Ballarat kept prices fluctuating within a few cents a kilogram of recent rates.
Trade lambs were a highlight, with processors paying from $139-$188 to average 688c-712c/kg cwt.
Heavy export lambs weighing more than 26kg gained $6-$8 due to limited supply.
The bulk made $195-$270.
There were some dull spots in the mutton sale, but overall prices were unchanged.
- Leann Dax is an NLRS market reporter.
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