The Eastern States Trade Lamb Indicator (ESTLI) finished the
week slightly behind the previous one, declining 2% (17 c/kg) to average 623
c/kg for the week. This is despite a more significant drop in yardings, down
18% (7.3k head). Wagga and Ballarat had the biggest contribution to the
indicator, 22% and 17% respectively. With identical prices averaged for both sales
of 629c/kg.
The National Mutton Indicator (NMI) rose this week, helped
by a 47% decrease in yardings on the previous week. The NMI closed the week
averaging 250 c/kg, up 18% on the previous week. There was quite a spread in
results from top contributing saleyards for the week. Dubbo, which contributed
18% to the NMI, averaged 13% below the indicator at 216 c/kg. Whilst Wagga, the
second largest contributor of 13%, averaged 37% above the indicator at 341
c/kg.
The Restocker Lamb indicator fell 8% (42c/kg) closing the
week at 514 c/kg, despite a significant drop in yardings (47%). Ballarat was
the largest contributor, its saleyard report talks to the usual buying group
not in full attendance and some processors absent.
The Merino lamb indicator had the strongest performance week
on week in a dollar sense, closing the week up 11% or 53 c/kg, pushing the
indicator back above the 500 c/kg level to 539 c/kg. The South Australian
livestock exchange averaged the top price of 633 c/kg for the indicator and
helped lift the indicator with its 19% contribution. Its saleyard report talks
of an additional buyer present, helping increase the competition.
Yardings for the week were significantly down on the
previous week, continuing the fall from recent elevated levels. Initial data
from the MLA indicate a decrease of 24% (99k head) for total lamb and sheep
yardings for the week. Slaughter levels for the previous week remain near all-time
highs, but were back 2% on the previous week.
Mutton mounts a comeback
Next week
The decrease in yardings seen in the last few weeks should start to bring some price upside provided demand remains consistent. However, this week some saleyard reports talk of decreased activity at the rail and some absences of buyers, which if continued will see further downside in price as demand also shifts with supply.
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Click on graph to expand
Click on graph to expand
Click on graph to expand
Data sources: MLA, Mecardo
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