Record annual average prices for lamb

Lamb yardings fell by 23% week-on-week, while sheep were back more than 40%. Last week’s lamb slaughter was also down, by about 4%; however, the sheep kill actually picked up by about 3%. This brought the year-to-date combined National Livestock Reporting Service weekly average figure to 513,556 head. This represented a 6% decrease from last year’s average, but was still likely the second-highest kill on record.

Restocker lambs had the largest price increase this week, jumping 43¢/kg to 1107¢/kg, despite having the highest lamb throughput numbers. It is also the category that ended the year at the highest premium to the end of 2024, being 345¢/kg stronger year-on-year. Light and Merino lambs also picked up this week, climbing 34¢/kg and 23¢/kg respectively. The National Restocker Lamb Indicator has averaged 912¢/kg for the year, a new high that was 5% clear of the previous record set in 2021.

The National Trade Lamb Indicator rose 13¢/kg for the week, to end 177¢/kg above the same time in 2024 at 1084¢/kg. Close to half of the 52,000 head trade lamb throughput came out of Hamilton, Victoria, where the price sat at 1075¢/kg, while at Ballarat, Vic, which had the second biggest yarding, the average price was 1140¢/kg. The Eastern States Trade Lamb Indicator finished the year at 1090¢/kg, and reached a record average for 2025 just shy of $10/kg.

Heavy lambs finished at 1087¢/kg, an improvement of 11¢/kg week-on-week, and 132¢/kg above year-ago levels. This was the smallest year-on-year premium of all national lamb indicators, but the annual average price for 2025 is 997¢/kg, by far the biggest increase from the previous record high of 832¢/kg – a jump of 17%. It is also 34% above the five-year average.

Nationally, the mutton indicator had the biggest fall in indicator throughput numbers, with about 44,000 fewer eligible sheep going through the saleyards. Its price still fell by about 3¢/kg, finishing the year at 724¢/kg. This brought the NMI annual end of week figure average to 608¢/kg, just above 2020 when it sat at 606¢/kg,  but not eclipsing the 2021 figure of 680¢/kg. This really highlights that despite higher flock numbers demand is more than keeping pace, and all that is missing to push sheep prices into new territory is restocker competition fuelled by better seasons.