AuctionsPlus commercial sheep and lamb listings increased by 63% this week, totaling 33,758 head. Although the rise was expected as new season lambs have begun to hit the market, the overall market struggled to absorb the larger numbers, with all other indicators falling compared to last week, with prices in particular taking a hit.
The overall clearance rate was the least affected, suggesting that buyers are still competing for the larger pool of listings, but weren’t willing to reach the prices seen last week. Although clearance held up relatively well, it was the prices on offer that took the hit, with the crossbred lamb indicator falling 19% to $127/head and the AuctionsPlus Restocker Lamb indicator dropping 181c to average 688c/kg dressed.
The value over reserve averaged $7/head over set reserves, falling $23 from last week. Lots that sold during the auction averaged $12/head above reserve, whereas post-auction transactions averaged $4 under their set reserves.
As mentioned earlier, new season lambs have begun to hit the market in much larger numbers, with the 17,690 head jumping almost 200% from last week’s 5,965 head offering. This week’s offering made up 82% of all new season lambs offered for the year. However, the market didn’t react to this week’s offering of new season lambs as it did last week, where a perfect clearance rate was recorded along with much stronger prices. Only 51% of this week’s offering managed to find a buyer.
Joined ewes made up the second-largest offering behind lambs, with 8,036 head offered, and they received the highest clearance rate at 64%. Three out of the four categories increased in price compared to last week, led by SIL shedding breed ewes, which jumped $148 to average $253/head.
N.W. Slopes & Plains were the largest listing region, with 5,373 head offered, of which 2,460 head were new season lambs. Buyers in this region were willing to go above reserve on average by 7.14%. Central Western NSW was the second-highest listing region with 4,184 head offered, followed by Lower SE S.A. at 3,130 head.
Central Western NSW was the largest purchasing region, securing 4,712 head, or 26% of the total sold offering, with N.W. Slopes & Plains coming in second with 2,058 head purchased.
Table 1: AuctionsPlus National Weekly Sheep and Lamb Prices
Report: Interactive Market Dashboard
Crossbred lambs jumped a further 143% on last week’s massive surge, with 15,005 head on offer. The larger volume impacted prices considerably, with the average price falling $30 to $127/head. Demand failed to meet the larger supply, resulting in a 53% clearance rate. From Cootamundra, NSW, a line of 330 Poll Dorset/Merino May 2024 drop mixed sex lambs weighing 22 kg lwt returned $113/head, or 507 cents/kg live weight.
Shedding breed lambs were the only lamb category to report a price increase, with the 1,203 head achieving a lamb-topping 84% clearance rate and averaged $142/head – increasing $28 on last week. From Morven, QLD, a line of 405 Dorper/White Dorper Dec/Feb 2023 drop mixed sex lambs weighing 45kg lwt returned $151/head.
SIL Merino ewes registered a larger offering, with the 3,563 head returning a 60% clearance rate and an average price of $109/head, an increase of $11 on last week. From Nyngan, NSW, a line of 204 Merino ewes, aged 2 years and weighing 56kg, returned $140/head.
SIL shedding breed ewes recorded smaller numbers this week, with the 1,218 head achieving a strong 79% clearance rate and an even stronger average price of $253/head - rising $148 on last week. The category had only three lots sell this week, all offered by a single vendor. From Tilpa, NSW, 960 White Dorper and Dorper ewes, split across three lines and weighing between 49 and 53kg, ranged in price from $215 to $270/head.
Note: Prices as at 5pm Thursday, August 9th, 2024.
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