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Saleyard prices surge as Coles releases July forward lamb contract

by Sheep Central, 19 May 2017

COLES supermarket has released a forward contract of 690c/kg for 18-26kg lambs for July, as saleyard prices surged by up to $20 for the limited trade lamb supplies available mid-week.

The supermarket’s July contract price is 10 cents higher than its June contract rate for lambs. It is part of Coles’ normal procurement process, but was released as strong domestic demand for the tight quality supplies lifted trade lamb prices in major Victorian and New South Wales saleyards this week.

After Thursday’s saleyard sales, all National Livestock Reporting Service Eastern States Daily Indicators for lamb were higher, especially restocker lambs which surged 24 cents to 736c/kg and trade lambs, which rose 12 cents to 651c/kg. The other lamb ESDIs were: Merino 609c/kg, up 5c; light 658c/kg, up 1c; heavy 641c/kg, up 9c.

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In New South Wales at the Central Tablelands Livestock Exchange at Carcoar on Wednesday, the NLRS said light lambs sold $6 dearer to processors, with the 12-18kg 2 scores making $85-$122. Trade lambs were $4-$6 dearer, with the 18-23kg 3 scores selling from $120-$166, to average 640c/kg cwt.

The better selection of heavy weight lambs were $5-$7 dearer with the over 22kg 4 scores selling from $150-$194. Restocker lambs were $2-$3 dearer selling from $105-$141

At the Wagga Wagga saleyards on Thursday, agents yarded 20,000 lambs, 6000 fewer and 3000 sheep, 7000 less.

The NLRS said the prediction of rain and reduced offering fuelled bidding from the usual domestic and export buyers for the mixed quality offering. There were limited supplies of heavy lambs, with buyer intensity increasing as the sale progressed. Trade lambs quality was mixed, with shorter-skinned lambs benefiting from the strongest competition. Well-bred store lambs and plainer non-descript light weight lambs attracted strong competition from a large gallery of store buyers.

The trade market surged up to $20 due to the limited supplies, with the shorter skinned trade lambs attracting the best competition. Most trade lambs made $131-$180 to average 675c/kg cwt. Store lambs with weight and frame sold to dearer trends selling at $130-$147.60. Light non-descript lambs back to the paddock made $92-$132.

Heavy lambs were in short supply and the market lacked numbers weighing above 30kg. Heavy lambs sold $18 dearer to average 676c/kg cwt, with plenty of sales above 700c/kg. Most heavy and extra heavy lambs lifted $20 and lambs over 30kg cwt jumped $29. Most extra heavy lambs sold from $178-$247.20 to average 675-698c/kg.

In Victoria at the Hamilton saleyards on Wednesday, agents yarded 6806 lambs, 3151 fewer, and demand was stronger, with most lambs firm to $6 dearer.

Horsham agents also yarded fewer lambs on Wednesday and most sold from firm to $5 up on last week.

Click here for Coles July lamb contract details.

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