WHILE lamb prices over the last two weeks have dipped, its undeniable prices have been favourable this year – at times reaching levels unseen since the highs of 2011.

The first seven months of 2014 saw the Eastern States Trade Lamb Indicator (ESTLI) average 541¢, climbing 28 percent, or 118¢/kg cwt higher than the corresponding period last year, with 2011 the only year over the past five years surpassing this average.

Heavy lamb prices have also been exceptional, averaging 558¢/kg cwt over the first seven months, 28pc above the same period in 2013.

Eastern states lamb supply, as reported by MLA’s NLRS, decreased 18pc week-on-week, to 140,330 head, attributed mostly to last week’s cheaper trends.

At the conclusion of Thursday’s markets the eastern states restocker lamb indicator was 20¢ higher on 453¢/kg, regaining much of the ground lost last week.

Merino lambs slipped 85¢ to 402¢/kg, while light lambs eased 76¢ to 417¢/kg. The trade lamb indicator decreased 55¢ to 481¢/kg, while heavy lambs lost 48¢ to 498¢/kg, both the lowest levels since February.

Eastern states sheep supply was relatively unchanged week-on-week, on 48,414 head. The mutton indicator dropped 26¢, to settle on 331¢/kg.

Source: MLA