Lambs break $300 twice in two days in late winter price hike

The $300-mark has been broken for lambs twice in the past two days in a late winter scramble to find suitable stock. See where the high rates were set.

Lamb prices have surged past $300 twice in the past two days in a late winter scramble to find suitable stock.

Lamb prices hit $306 at Griffith on Friday, where a pen with an estimated carcass weight of 36kg earned the top money.

And Wagga Wagga’s market reached $303 on Thursday as the best of the 33,000 lambs on offer broke through the $300 mark.

Nutrien Wagga Wagga livestock manager Peter Cabot said the 33,000 lambs offered at that centre yesterday were 10,000 less than last week, and included 7000 suckers as new season lambs started to increase in number.

“The suckers were quite good, but did not have the extra heavy weight, sitting between 20-28kg carcass weight and returning 850-900c/kg,” Mr Cabot said.

“All good heavy old lambs were making more than $240 and up to $300, or more than 800c/kg in a market that was up to $20 dearer in spots.”

After sales this week, the heavy lamb indicator closed at 841c/kg, a massive 385c/kg or 85 per cent higher than this time last year, while the trade lamb indicator finished the week at 809c/kg, 87 per cent up on 12 months ago.

The week ending figures saw Merino lambs averaging 661c/kg carcass weight, light lambs at 662c/kg and restocker lambs at 585c/kg.

Meat and Livestock Australia market information analyst Emily Tan said supply was tight, with lamb yardings falling by more than 9000 over the past week.

And she said the difference between finished and unfinished lambs was determining whether prices for the category rose or fell.

“Supply is tight in key saleyards as some lambs struggled to meet a fat score 2, making them cheaper compared to heavier weights,” Ms Tan said.

She said sheep and lamb slaughter eased by 33,771 to 534,070, with lamb slaughter contributing to this, down 21,741 to 391,411.