The most-notable development over the past week has undoubtedly been the significant upswing in mutton prices across all saleyards.
Prices have surged by an average of $20-$40 a head, marking a remarkable turnaround.
Buyers are finding themselves in a new landscape, as the supply they were accustomed to has diminished considerably.
Producers, it seems, are holding onto their stock rather than accepting the offers within the saleyard system.
Last week, there was a noticeable drop in supplies across all selling centres, signalling a shift in market dynamics.
This situation underscores the complex interplay involved in managing supply and demand in the sheep sector.
Last week's buying activity at Wagga Wagga, NSW, showcased strong price trends for sheep.
Buyers were actively competing against Fletchers International of Dubbo, NSW, striving to secure both heavy Merinos and crossbred ewes.
A distinctive trend emerging in the market was an improved demand for Merino sheep, as buyers shifted their preferences towards longer-wool Merino ewes, recognising the value of their skins in enhancing the overall bottom line.
Among these, heavy crossbred ewes achieved prices up to $130, while Merino ewes reached $138, averaging at 350 cents a kilogram carcase weight.
Light and medium-weight sheep also experienced gains of $10, and up to $20 with prices spanning from $50-$86.
This week commenced with mutton taking the spotlight in the minds of processors.
While most of the mutton was limited within the $125 mark, there were exceptions, particularly with large Merino wethers surpassing this threshold and reaching up to $128.
Across various saleyards, prices were observed to hover around 320-360c/kg.
At Bendigo, there was a rise in supply for mutton, as the elevated prices from the preceding week encouraged producers to offload more stock with 5300 sheep offered.
This lift in supply resulted in stronger bidding in Bendigo, where most sheep commanded prices $30-$40 higher than before.
This week at Ballarat saw a slight increase in lamb numbers, totalling 26,929, with notable improvements in quality particularly in the trade weights and heavy export lambs.
Lambs presented in excellent condition, boasting more weight compared to previous weeks.
Medium and heavy trade lambs experienced a slight decline of $5, while heavy export lambs faced a more-significant drop of $5-$10.
For heavy export lambs weighing between 26-30kg, prices ranged from $161-$203, while those over 30kg sold from $204-$227 with prices varying between 580-650c/kg.
