National sheep and lamb indicators generally fell this week, with heavy lambs being the exception. Despite this, there was still plenty of positivity quoted in most saleyard reports, with consecutive public holidays in Victoria and then NSW playing a role in processor operations. This also caused this week’s sheep and lamb yardings and last week’s slaughter to fall. Restocker demand remains subdued in comparison to the meat market after a dry start to October.
Good news first, heavy lambs closed the week at 1124¢/kg, lifting by 3¢/kg for the week. For the first time this spring, Victorian and South Australian yards were among the NSW offerings when it came to top throughput numbers for heavy lambs, but total numbers for the indicator remain below year-ago levels. Heavy lambs ended last week 48% above the five-year average.
Bendigo, Victoria, had 20% of the heavy indicator throughput, with its total sheep and lamb yarding increasing by 15,000 on Monday. With no sales in NSW, processors were out in force, and the National Livestock Reporting Service quoted it as the largest single-day prime lamb sale in terms of value that the facility has hosted, with a gross of more than $8 million. The closest a sale got to that figure at Bendigo last year was $5 million. Export weight new season lambs topped $397, and heavy lambs averaged well above the national price at 1150¢/kg.
Trade lamb numbers increased by 8500 head, with the indicator dropping 20¢/kg for the week, both nationally and in the east. Wagga Wagga, NSW, yarded just shy of 40% of all lambs eligible for the Eastern States Trade Lamb Indicator, and averaged 1133¢/kg, compared to the ESTLI’s closing figure of 1143¢/kg. Forbes, NSW, was by far the standout, averaging 1247¢/kg with 21% of the throughput in the east. The weather came into play on the restocker lamb front, with some producers deciding to offload and numbers increased by more than 15,000 head for the week, with the price falling by 24¢/kg.
Mutton also lost 24¢/kg week-on-week but still closed at the highest year-on-year premium so far in 2025, up 181% on the same time last year and about 90% stronger than both the five and ten-year average figures. The National Mutton Indicator ended the week at 778¢/kg, still at a premium to month-ago levels. Mutton in NSW still averaged above 800¢/kg, but it was chalk and cheese from south to central, with Wagga Wagga sitting at 708¢/kg with 40% of the state’s throughput, and Forbes at 896¢/kg with 35%.
The week ahead….
Once again, we are waiting for rain. If it falls in the south, competition for already record-high mutton could heat up further, but even without it, there looks to be little significant downward pressure to come for sheep in the short term. Heavy lambs also look likely to remain firm, at least until a significantly increased number of new season stock hits the market. Restocker supply and demand will continue to swing further in buyers’ favour until better seasonal conditions eventuate.
The big spring store sales are progressing through the Riverina, and it coincides with rapid spring growth in high rainfall zones further south and east.
Australian sheep and lamb exports increased in September but remained subdued in relation to recent trends. The US took dominant market share for the month,
The sheep and lamb market showed some resilience this week as yardings backed off slightly but remained at their second-highest level since June. Merino lambs
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Heavy lambs hold while supply slows
Good news first, heavy lambs closed the week at 1124¢/kg, lifting by 3¢/kg for the week. For the first time this spring, Victorian and South Australian yards were among the NSW offerings when it came to top throughput numbers for heavy lambs, but total numbers for the indicator remain below year-ago levels. Heavy lambs ended last week 48% above the five-year average.
Bendigo, Victoria, had 20% of the heavy indicator throughput, with its total sheep and lamb yarding increasing by 15,000 on Monday. With no sales in NSW, processors were out in force, and the National Livestock Reporting Service quoted it as the largest single-day prime lamb sale in terms of value that the facility has hosted, with a gross of more than $8 million. The closest a sale got to that figure at Bendigo last year was $5 million. Export weight new season lambs topped $397, and heavy lambs averaged well above the national price at 1150¢/kg.
Trade lamb numbers increased by 8500 head, with the indicator dropping 20¢/kg for the week, both nationally and in the east. Wagga Wagga, NSW, yarded just shy of 40% of all lambs eligible for the Eastern States Trade Lamb Indicator, and averaged 1133¢/kg, compared to the ESTLI’s closing figure of 1143¢/kg. Forbes, NSW, was by far the standout, averaging 1247¢/kg with 21% of the throughput in the east. The weather came into play on the restocker lamb front, with some producers deciding to offload and numbers increased by more than 15,000 head for the week, with the price falling by 24¢/kg.
Mutton also lost 24¢/kg week-on-week but still closed at the highest year-on-year premium so far in 2025, up 181% on the same time last year and about 90% stronger than both the five and ten-year average figures. The National Mutton Indicator ended the week at 778¢/kg, still at a premium to month-ago levels. Mutton in NSW still averaged above 800¢/kg, but it was chalk and cheese from south to central, with Wagga Wagga sitting at 708¢/kg with 40% of the state’s throughput, and Forbes at 896¢/kg with 35%.
The week ahead….
Once again, we are waiting for rain. If it falls in the south, competition for already record-high mutton could heat up further, but even without it, there looks to be little significant downward pressure to come for sheep in the short term. Heavy lambs also look likely to remain firm, at least until a significantly increased number of new season stock hits the market. Restocker supply and demand will continue to swing further in buyers’ favour until better seasonal conditions eventuate.
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Data sources: MLA, Mecardo.
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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.
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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.