In the past six months, the lamb market has been characterised by fluctuations and price adjustments in response to the ever-changing dynamics of supply.
Last week, the lamb market experienced a seasonal shortage of extra-heavy sucker lambs, leading to shifts in pricing.
The market has shown moments of improvement, particularly for the heavier, young lambs, with moderate gains.
However, it is important to note that the market has also witnessed fluctuations, resulting in both increases and losses on different days.
On a broader scale, this has translated into a downwards trend in the national price indicator for lamb trade.
As of the close of trade last week, the average price for trade lambs had dipped by 32 cents, settling at 432 cents a kilogram carcase weight.
There was an uptick in lamb numbers at the Wagga Wagga, NSW, saleyards, where 44,000 lambs were reported, including 7500 new-season lambs.
In contrast, mutton numbers remained relatively stable at 13,000 head.
The bigger supply of new-season lambs at Wagga Wagga set the stage for a more robust finish to the week, as both domestic and export buyers eagerly sought to secure their market share.
The presence of heavier domestic lambs attracted increased bidding interest from major players like Coles and Safeway, resulting in prices remaining firm to easing slightly.
Heavy trade lambs traded between $120-$144 a head, with an average of 530c/kg cwt.
Additionally, there were more pens of extra-heavy young lambs across various agents' runs, commanding prices ranging from $145-$155 to average 510c/kg cwt.
In contrast, the Bendigo market reported a softening trend with a yarding of 13,500 lambs and 5500 sheep on Monday.
The top pens of heavy suckers, weighing more than 30 kilograms, reached $152, with an average of 524c/kg cwt.
The data showed there was a $12 decline in rates of three-score trade lambs, averaging 494c/kg cwt.
Lighter-weight trade lambs remained relatively steady, with average prices about 510c/kg cwt.
The quality of old lambs for slaughter varied, leading to price adjustments based on buyer preferences.
Limited numbers of well-finished, old trade lambs with shorter skin were notably cheaper by $14-$16.
The mutton markets at Bendigo and Dubbo, NSW, were hit hard with another price correction, both sales witnessing a notable slump of $20-$30.
The highest mutton price at Dubbo reached $80, with an average of 156c/kg cwt.
Big numbers of light sheep from the western regions averaged about $7.
Similarly, in central Victoria, the Bendigo sheep sale faced a similar fate, averaging 153c/kg cwt.
- Leann Dax is an NLRS market reporter.
