Lamb and sheep indicators saw a slight lift this week, with all bar one finishing the week higher than when it started. Reports from major yards all report of a full buying field, who were not fully active in the market. Despite this slight drop in demand, the price across the board has still improved, with finished lambs outperforming the lighter ones as the season continues to mature.
The Eastern States Trade Lamb Indicator closed the week with
a small increase of 2% (9 c/kg), pushing the indicator back above the 600 c/kg
waterline to 604 c/kg. This small increase was due to a 39% (16.3k head)
decrease in trade lamb yardings. Wagga averaged 12% (75 c/kg) above the
indicator and had the 3rd largest contribution to the indicator
behind Ballarat and Hamilton. The saleyard report from Wagga talked of the
large decrease in supply being the “catalyst for a much dearer market”.
The Heavy lamb indicator rose 3% (17c/kg) for the week,
finishing at 635 c/kg. Yardings for heavy lambs were up 8% as the season
progresses and more supply from the paddock now weighing in over the 26kg cwt
comes forward, the requisite for the indicator.
The Merino lamb indicator had the largest jump for the week,
up 11% (48 c/kg), and finished the week at 498 c/kg. Like the heavy lambs, this
was off the back of more lambs in the indicator being offered for sale than the
week before. Yardings for the indicator were up 28% (1.8k head). Merino lambs
are now within 20 c/kg of this time last year, and up 126% (278 c/kg) from the
bottom of the market last year in mid-September.
The National Mutton Indicator also followed the trend this
week finishing the week up 8% (17 c/kg) to 238 c/kg. Yardings were back 10%
(5.5k head) on the previous week. Restocker lambs finished the week at 535 c/kg
up 5%, pushing it 3% (17 c/kg) above where the indicator was this time last
year. Making it the only indicator to be up year on year.
Next week
A short selling week is ahead, with the Good Friday public holiday causing some markets to not take place. The BOM is still not forecasting any significant rainfall for major lamb and sheep areas around the nation, which will continue to plague the minds of producers as they hold out for the autumn break and begin to make decisions about the next season.
Back to business, and the saleyards have seen stock flood the yards. The sharks were circling as the mutton momentum continued. Indicators took the elevator
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Small wins for big lambs
Next week
A short selling week is ahead, with the Good Friday public holiday causing some markets to not take place. The BOM is still not forecasting any significant rainfall for major lamb and sheep areas around the nation, which will continue to plague the minds of producers as they hold out for the autumn break and begin to make decisions about the next season.
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Click on graph to expand
Click on graph to expand
Data sources: MLA, BOM, Mecardo
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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.