Wool prices have surged another 31c/kg across the eastern states and started the mid year recess on a high.

J and M Jamieson, Gundagai, set a new record price for the South Eastern Livestock Exchange (SELX), Yass for lamb on Wednesday.

Seasonal conditions across large sections of Australia continue to bite rapidly driving ewe numbers down writes Jason Trompf

ASX east coast wheat futures for a January delivery ended the week down $17 a tonne at $325/t.

With old crop issues playing in the market space, we have new crop values at quite heavy discounts.

The NSW heavy lamb indicator hit 968c/kg on Monday, while Merino lambs sold to $277.50/head.

The great lamb supply squeeze is worsening with Coles offering record forward contracts of $10 a kg in August for new-season suckers.

The tighter supply of recent years combined with increased overseas demand has fuelled price gains for lamb and mutton at the saleyard.

Lamb prices have launched themselves into the stratosphere to the extent they look like they could well be in a permanent orbit!

The key Eastern States Trade lamb indicator has hit a record 900c a kg as turn-off of prime lambs and sheep starts to slow down.