National lamb yardings were over 227,000 head this week, which was 53% jump from the previous week, and 101% up year-on-year. However, both last week and the equivalent week in 2025 were impacted by Easter public holidays, making the comparison warped. However, we can still categorise the increase as real given it was the largest national lamb yarding since the second week in February, and the third-highest lamb yarding for 2026 so far. Sheep yardings on the other hand, while rising 79% from the week prior were only 12% above year-ago numbers, and if we look at the first week post-Easter in 2025, sheep numbers were more than 40,000 head lower.
The National Mutton Indicator headed in the other direction, rising another 2% to end the week at 831¢/kg having reached a record 837¢/kg earlier the week. It now sits at 143% higher year-on-year. The NMI level is being restricted by the sheep price in the west, with the two largest yardings this week (Forbes and Dubbo, NSW) both averaging over 870¢/kg. This put the NSW average at 848¢/kg, while Katanning, Western Australia, sat at just 686¢/kg, a drop of 30¢/kg in the past month.
Meat and Livestock Australia’s online sheep indicator is likely more reflective of what is currently available, ending this week at $212/head compared to $331/head at the end of last month. While the current price is roughly on-par with month ago levels, it is $100 dearer than the same time last year. Notably nearly 70% of the throughput came from northern NSW, where seasonal conditions are significantly worse than further south.
Restocker lambs online, however, are sitting historically high $221/head after reaching a record $226/head last week. Central West NSW and the Riverina had the highest throughput, and both averaged more than $240/head. The AuctionsPlus Restocker Lamb Indicator also rose this week by 10¢/kg to 1421¢/kg carcase weight. Restocker lambs in saleyards however dipped nearly 20¢/kg, with numbers lifting by more than 16,000 head. It still left the national restocker lamb price at 1220¢/kg though, 80% above both the five and 10-year average.
The search for sheep still surging
Next week
With another public holiday for some states just around the corner, supply and demand dynamics will end up slightly skewed for all of April, but the lack of sheep in the system is becoming clearly apparent. While there is little to indicate significant downside pressure on any market in the short-term, pushback from processors could be on the horizon as we get closer to winter.
Have any questions or comments?
Click on graph to expand
Click on graph to expand
Click on graph to expand
Data sources: MLA, Mecardo, AuctionsPlus
Categories
Have any questions or comments?
Erratic may market
Some more rain has fallen, but demand remains patchy. Light lambs to slaughter remain under pressure and heavy cull lambs and sheep remain a rare
Sheep slaughter falling short of forecasts
We’ve been hearing about the short supply of sheep and lamb for some time, but with a third of the year now gone, we can
Back to the paddock demand lifts light lambs
There was a clear divide between buying types this week, as most indicators remained fully firm to higher with the exception of heavy lambs and
Can the wool rise turn the tide back to Merinos?
Wool prices have finally made their move, defying conflicts and a stronger Aussie dollar to post fresh eight-year highs last week. The sheep flock in
Want market insights delivered straight to your inbox?
Sign up to the mailing list to get regular updates to new analysis and market outlooks
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.
SERVICES AND CAPABILITIES STATEMENT BROCHURE
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.