It was no surprise that saleyard throughput would scale back, given the dissatisfactory price levels for sellers and the rain that fell across the country this week. A welcome pricing bounce has materialized across all categories, propelling most price indicators toward levels reminiscent of the end of May.
In NSW and Victoria, trade lamb prices jumped 51¢, and 65¢ respectively over the week. Victorian trade lambs continue to sit at a premium to NSW, with almost a 40¢ difference between the two states. The trade lamb indicator in WA also jumped 67¢ to 460¢. Nationally heavy lambs gained 23¢ over the week to 625¢/kg cwt, which is 42¢ lower than month-ago levels.
The National Restocker Lamb Indicator gained 46¢ over the week to 441¢/kg cwt, however, it is yet to make up the decline from the last few two weeks. Light lambs were the category that saw the biggest week-on-week improvement, with Hamilton and Ballarat seeing strong results. The National light lamb indicator lifted 85¢ on the week to 498¢/kg cwt. A similar lift in Merino lamb prices pushed the National Merino Lamb Indicator 12¢ higher than it was a month ago.
Mutton prices ended this week at the higher end of the recent range it’s been trading. At 387¢/kg cwt, the National Mutton Indicator lifted 22¢ over the week and is 28¢ higher than a month ago.
Combined lamb and sheep slaughter fell slightly in the week ending the 2nd of June, however, it remains above the historic range for this time of the season. Saleyard throughput also dropped 9% for lambs and 5% for sheep week over the week ending the 2nd of June. Early yardings reports for this week are however showing a decline in supply across all categories of lamb and sheep.
Next week
The past week delivered over 20mm of rain to many parts of central and west NSW, eastern SA, as well as much of Victoria and southeast WA which will improve the feed outlook and provide a needed boost to confidence, and hopefully store lamb prices.
On the downside, the BOM has shifted its ENSO outlook to El Niño ALERT. This means that while the ENSO is currently neutral, there is approximately a 70% chance of El Niño forming in 2023.
Australian sheepmeat exports were lifted in September but remained below year-ago and five-year average volumes on the back of lower domestic slaughter and global trade
The saying that history doesn’t repeat itself, but it rhymes, is certainly applicable to livestock markets. Having just seen the lowest September lamb slaughter in
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A ewe-turn in fortune?
Next week
The past week delivered over 20mm of rain to many parts of central and west NSW, eastern SA, as well as much of Victoria and southeast WA which will improve the feed outlook and provide a needed boost to confidence, and hopefully store lamb prices.
On the downside, the BOM has shifted its ENSO outlook to El Niño ALERT. This means that while the ENSO is currently neutral, there is approximately a 70% chance of El Niño forming in 2023.
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Data sources: MLA, Bureau of Meteorology, Mecardo
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Exports find support in September
Australian sheepmeat exports were lifted in September but remained below year-ago and five-year average volumes on the back of lower domestic slaughter and global trade
Bounce back in market as lamb supply slows
Sheep and lamb supply fell away again this week prompting a significant boost to the market right across the board. National indicators rose up to
Lessons from weekly slaughter
The saying that history doesn’t repeat itself, but it rhymes, is certainly applicable to livestock markets. Having just seen the lowest September lamb slaughter in
Holding pattern ahead of the long weekend.
With the impending long weekend in NSW, the market was in a bit of a holding pattern this week, as most of the major indicators
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Independent analysis and outlook for wool, livestock and grain markets delivered to you as it’s published
Listen to the podcast
Join the Mecardo team for the Commodity Conversations podcast, where we provide short weekly market recaps and longer conversations with guests to discuss the drivers and trends in livestock, grain and fibre markets.
MEET THE TEAM
Our team of market analysts are recognised as leaders in Australian Ag market analysis, providing invaluable insights to help you navigate the ever-changing commodity landscape.
SERVICES AND CAPABILITIES STATEMENT BROCHURE
We don’t just bring you the most up to date market insights. Find out more about Mecardo’s services including risk management advisory, modelling, benchmarking, research & consultancy.