Restocker lamb price surges to 2019 peaks

The AuctionsPlus Restocker Lamb Indicator (ARLI) is up over 1000c/kg DW for the second week in a row - and it hasn't run this hot since 2019.

The ARLI is sitting at 1,203c/kg DW, up 72c/kg on last week, which was the first time it lifted about the 1000c/kg indicator since the week of June 22, 2019, at the height of restocking activity after drought broke across NSW and Southern Queensland.

AuctionsPlus General Manager - Network Paul Holm said it was always interesting to analyse who was participating in the restocker market.

"The last time the ARLI peaked it was the restocker driving that market, whereas this time restocker demand is intersecting with an increase in processor capacity and a fall in flock size," Mr Holm said.

"If you think about the past two or three years, we've recovered from Covid and are back to the highest slaughter capacity we've had for a long time."

Always a livestock agent at heart Mr Holm also highlighted that because lamb price are so high at the moment - with saleyard records being bested multiple times a week recently - there is a strong opportunity to trade.

He believes increased confinement feeding of lambs will have a part to play in successful trades as the season plays out.

"A lot of people who have a pen or two of available space," Mr Holm said.

"The lamb feedlotting industry has become a real thing. It was a bit niche not long ago but that's all changed.

"It's going to become an integral part of the industry.

"It's about that rising plain of nutrition to get the production and takes the varients out of the season."

It's not as big a commitment to build a lamb feedlot as it is for cattle, and importantly it means that "you don't have to play when everyone else is". 

Online Sheep Indicator

NLRS and Market Information Manager Steve Bignell said since March 2025, the Online Sheep Indicator (OSI) has rocketed 184% or $162/head.

The OSI, launched by Meat & Livestock Australia (MLA) in June to assess adult sheep prices in the restocked market, is underpinned by historical data.

"Adult sheep sold online are currently averaging $250/head," he said.

"Border Leicester x Merino’s prices are even high with those from NSW’s central west region reaching $418/ head."

He said producers with a positive feed budget are confident high lamb prices will continue.

"The wallet is proving this sentiment – indicated by the price producers are willing to pay for restocker breeding ewes," he said.

"Producers are looking to take advantage of the current record-breaking lamb prices. Those who can (seasonally permitting) are investing in and growing their flocks for 2026."

The OSI offers producers and buyers clearer insights into price and supply trends across restocker and breeder sheep sold through digital platforms. 

At present, AuctionsPlus is the only online sales platform contributing data to the OSI.

On Friday morning the OSI was sitting at $249.57/head, which was $64.10/head more than last week. Western NSW made up more than 75% of the calculation this week.