Restocker lamb prices higher year-on-year

Despite below-average rainfall across the majority of the eastern states during February, the eastern states restocker lamb indicator lifted 26% year-on-year and 48% from the five-year average (474¢), to average 701¢/kg cwt for the month.

Furthermore, the portion of restocker purchases across the eastern states in February also rose, albeit by only 1% year-on-year, while processor purchases eased 2%. Total eastern states lamb saleyard throughput for the month was 17% higher year-on-year, at 911,337 head, with the hot and dry conditions attributing to the increased turn off.

Seasonal conditions will continue to have a strong influence on which buyers drive the market over the coming months, with BOM’s autumn weather outlook pointing to below-average rainfall and warmer temperatures across most of southern and central Australia.

While the eastern states restocker lamb indicator has since declined from the highs recorded in February, it still remains above year-ago levels. As of yesterday (13 March), the indicator was back 43¢ week-on-week, to average 628¢/kg cwt, although remains 101¢ above where it was the same time last year.