Lamb prices have come off the boil in the past fortnight, as bigger yardings at some selling centres, and a notable reduction in competition last week, wound rates back significantly.
At the close of markets last week, heavy lambs dipped 9c to 509c/kg carcass weight, while trade lambs were back 5c to rest at 516c/kg.
Wagga, NSW, is the largest lamb market in Australia and has the greatest impact on the EYCI most weeks. This sale generally sets the trend for the following week. After last Thursday’s major price correction at Wagga of $10-$14, we may need to tighten our seat belts for a bumpy ride ahead.
Wagga agent Tim Drum, Riverina Livestock Agency, said the heavy export market prices slipped, owing to the larger yarding and buyers only wanting to operate at a price.
It was more of the same in the mutton run, with most sheep $10-$15 cheaper. Heavy merino wethers slipped $12 and made from $68-$100. Medium and heavy ewe mutton sold from $72-$106.20. Light sheep fell up $23, selling at $22-$52.
Early lamb markets have started cheaper this week on the back of an increase of plainer stock being yarded. This was evident at Bendigo, with dry hot conditions impacting on quality in a smaller offering of 10,897. Even in a smaller yarding lamb could not uphold last week’s rates easing $2-$3. Looking at the bigger picture, prices are starting to slip below 500c/kg, with most trade lambs returning 470-505c/kg.
This translated to $115-$130.60, for trade lambs with heavy export grades over 26kg cwt making to $167.00. The National Livestock Reporting Service said light lambs sold well in comparison and were well supported by feedlots, restockers and processors.
At the Corowa’s lamb market on Monday, rates for trade lambs buckled up to $10, with quality not of the standard of recent sales. Despite the tightening supplies the better finished lines struggled to command premium prices. Heavy export lambs at 502c/kg cwt topped at $163.
Not surprisingly, the Dubbo market on Monday followed the same trends. Heavy export lambs sold $9 lower to average 497c/kg cwt. The sale for trade lambs was unpredictable and struggled to find its groove, with plainer quality a factor in the varied results. Prices were generally back $10 to average 490c/kg cwt. Mutton prices also retreated despite a good offering.
A good quality yarding of lambs at Ballarat kept prices fluctuating within a few cents per kilogram of recent rates. Trade lambs were a highlight, with processors paying from $112-$140 to average 532c/kg cwt. Heavy export lambs above 26kg gained $2-$5.
Stock and Land