Young lambs in NSW hit new record

The bigger picture

The supply of young lambs has started to increase, along with the average overall price paid for the 2021 draft. The general market also remains buoyant into the last two weeks of winter.

NSW has been doing the heavy lifting in terms of supply volumes since June, accounting for 80% of the 109,000 new season lambs yarded in the eastern states. NSW supply has risen by 98% since the first week of June when 464 head were yarded, reaching 28,000 lambs last week.

The price of NSW’s young lambs has not been affected by supply upticks, showing the resilience and strength of the current market to cope with larger offerings across the saleyards. For the week ending Friday 15 August, young lambs in NSW averaged $230/head, the highest weekly average price ever recorded in current monetary terms for the state. The price has appreciated 41%, or $95/head, since the first week of June.

NB: Above chart is dated week ending 20 August 2021

Regionally

In NSW, the Central Tablelands, the Central West and the Riverina have been delivering excellent volumes at the saleyards, particularly in Forbes and Wagga Wagga.

Corowa

• Young lambs accounted for 41% of the total yarding on Monday, delivering 3,283 head.
  • This was a week-on-week lift of 1,916 head.
• Supply of processor lambs increased by 58%, or 1,766 head, with the draft averaging 22.4kg cwt.
  • This supply uptick didn’t dampen demand, with prices rising $43/head week-on-week.

Forbes

• Young lambs at Forbes made up 28% of the yarding, providing 5,290 head, a lift in supply of 1,682 head.
  • Since 20 July, Forbes supply has lifted by an average of 997 head per week.
• Processors dominated the buying, taking home 90% of the yarding.
  • Prices averaged 1,021¢/kg cwt, with the draft averaging 23kg cwt.

Cowra

• Young lamb at Cowra dominated the total yarding on Wednesday, accounting for 70% of the entire offering, delivering 4,574 head.
  • Numbers jumped significantly this week by 52%, or 2,394 head.
• Restocker lambs at Cowra contributed the most of the yardings of young lambs this week, providing 659 head, an uptick of 514 week-on-week.
  • Prices have lifted as the flock growth begins to take shape, with the draft averaging 15kg cwt and 1,048¢/kg cwt.

 Wagga Wagga

• New season lambs at Wagga broke the national record this morning, with a pen of 55 31kg cwt lambs reaching $331.20/head.
  • The lambs were grazed on a lucerne crop and weaned off their mothers
• The young lamb yarding increased by 33% or 3,892 to reach 11,750 head, with the strength of the market demonstrating producers’ attitudes to turn off lambs.
• Again, the exceptional quality of lambs presented are delivering strong returns for producers.

© Meat & Livestock Australia Limited, 2021