The first week of commercial sheep and lamb sales of 2024 was met with welcomed positivity, with all market indicators being in the green. This is now three weeks in a row that the market indicators have been in the green, proving a substantial rebound in market sentiment since the lows of mid to late 2023. Listings was the only indicator that was lackluster, with a 6% rise on the final sale of 2023 seeing 38,070 head offered, which is well under the yardings seen in early December. Demand for the tight 38,000 head was very strong, with 87% of the offering securing a buyer as prices lifted substantially on last year seeing a 11% rise in the AuctionsPlus Restocker Lamb indicator and the crossbred lamb price rising a healthy 28%.
As shown through the lamb indicators, the lamb market had a particularly strong week, with all but one category lifting in price on the final week of 2023. Price rises were led by first-cross ewe lambs, followed by Merino wether lambs and then crossbred lambs. Demand was also very strong for the 23,000 head of lambs offered, with four out of seven lamb categories, admittedly some with low offerings, receiving a perfect 100% clearance rate. Merino wether lambs in particular had high demand, with all of the 4,932 head being cleared and prices rising by $26/head.
The sheep market had more volatile results, with a number of categories decreasing in price on the final sale of 2023, and clearance rates recording large spreads, from 15% to 100%. Of note was Merino ewes, which saw 4,231 head offered for a 94% clearance rate.
Table 1: AuctionsPlus National Weekly Sheep and Lamb Prices
Report: Interactive Market Dashboard
Crossbred lambs continued to return strong results, with the 12,355 head meeting positive demand as prices increased by $22, to average $118/head and clearance sitting at a very healthy 96%. The top price this week was returned by a line of 454 White Suffolk/Dohne Apr/May '23 mixed sex lambs weighing 44kg, which returned $158/head, or 363c/kg and will travel to a buyer in Cowra, from Cumnock, NSW.
Merino wether lamb offerings reached 4,932 head this week and were keenly sought by purchasers as every lot offered secured a buyer. Average returns also jumped up by $17 to $73/head, with prices being higher than vendor expectations with Merino weather lamb lots averaging $17/head above the set reserve rates. From Lucindale, SA, two even lines of 562 Merino wether lambs which, are May/Jun ‘23 drop and 41kg lwt returned $118/head for both lots.
Merino ewes were keenly sought this week, with the 4,231 head returning a 94% clearance and prices declining by $10 to average $78/head. From Gilgandra, NSW a line of 318 Merino ewes aged 2 to 3 years and weighing 64kg returned $138/head.
Note: Prices as at 5pm Thursday, 11th January 2024
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