The National Mutton Indicator (NMI) has been generally only headed in one direction for the past month and that was down, having lost close to 100¢/kg in the past four weeks. However, it kicked back up over the past week, rising a modest 3¢/kg to land at 820¢/kg (still at a 78¢/kg premium year-on-year). Overall numbers dropped by more than 7000 head this week which no doubt helped, but there was also large variation in average prices at different yards.
It wasn’t all state based, but the two largest offerings of sheep eligible for the NMI were Forbes, NSW, averaging 917¢/kg, and Katanning, WA, averaging 698¢/kg. While the east-west divide isn’t uncommon, just 150km from Forbes is Dubbo where mutton averaged 769¢/kg. Prices between Bendigo and Ballarat, both Victoria, were equally diverse, averaging 794¢/kg and 932¢/kg respectively. What was consistent across National Livestock Reporting Service quotes was that heavy lambs were selling dearer, with less competition on lighter stock.
All lamb indicators rose between 21¢/kg and 47¢/kg, excluding the restocker category. Total lamb yardings fell 5% for the week and were down 33% year-on-year, while sheep throughput was down 35% for the week and 61% compared to the same time in 2025. Trade lambs were the only group to increase in numbers this week (up nearly 7000 head) as more suckers entered the market, particularly in NSW with Forbes and Wagga Wagga yarding 45% of the eligible lambs. Both of those yards averaged 1238¢/kg, well above the national price of 1196¢/kg, with reports from Forbes showing that new season lambs made up half of the yardings and were mostly medium to heavy trade weights.
Restocker lambs lost 37¢/kg for the week to land at 1077¢/kg, now at its lowest level nationally since February. Much of this could be put down to restricted supply in the east, with WA’s Muchea and Katanning having a third of the total yarding and both averaging sub-1020¢/kg. AuctionsPlus also reported its restocker lamb indicator as losing 74¢/kg for the week on the back of softer demand.
Market moves in right direction as yardings dip
Next week
Numbers next week will be of interest – it is still early in the new season lamb run, and the rain experienced this week could encourage even further retention. Another thing to note was some comments of buyers avoiding lambs with two much finish at yards this week, something to consider.
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Data sources: MLA, Mecardo
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