Sheep markets strengthen

After remaining remarkably steady for the majority of March, the National Trade Lamb Indicator (NTLI) has risen sharply.

Lamb prices

Lamb prices have started to follow the same trajectory as mutton prices over the last week. After remaining remarkably steady during March, the National Trade Lamb Indicator (NTLI) has risen sharply since the beginning of last week (25 March), up 48¢ to 694¢/kg carcase weight (cwt) on Tuesday, the highest it has been since November 2018.  

All weight categories of lambs have seen increased prices over the last week. Since Monday 25 March, the national restocker lamb indicator has risen 76¢ to 706¢. Heavy lambs have increased 46¢ to 678¢ and Merino lambs are trading 93¢ stronger at 665¢/kg cwt.

The increase in restocker lambs in particular has been driven by NSW, with restocker buyers buoyed by rain, paying an extra 141¢/kg cwt from last Monday. SA has been firm over the same period, while in Victorian prices have eased 67¢/kg cwt.

Mutton prices

Following on from last week’s article, mutton prices have continued to go from strength to strength with the national mutton indicator up 81¢ from last Monday to 502¢/kg cwt.

Similarly, to lamb, it has again been NSW that has seen the most considerable increases, trading at 529¢ on average. This is a 47¢ premium to mutton sold through saleyards in Victoria and 139¢/kg above the average saleyard price in SA.

Over-the-hooks prices for mutton have started to catch up with saleyard increases, with 18-24kg cwt sheep increasing by 98¢ week-on-week to 483¢. Victoria, up 25¢ to 425¢, and SA, up 32¢ to 438¢/kg cwt, also strengthened.