LAMB AND MUTTON:

MLA says this stability suggests the seasonal winter peak may have been reached for sheep and lamb prices.

Lamb and mutton prices, however, remain buoyant and well above those of recent years.

Lamb prices this week rose slightly for heavier finished categories this week.

But they fell slightly on lighter lamb categories, leaving trade and heavy lambs up around 10pc on last year’s prices at a similar time.

Light lamb categories this week sold over 20pc higher than those at the same time last year.

MLA says lamb prices continue to be buoyed by lower numbers and strong export demand.

After reaching a record 306¢/kg cwt two weeks ago, the national mutton price indicator retreated a further 11¢/kg this week, to 289¢/kg cwt – but it's still 50pc higher than last year’s.

These values are still considered remarkably high by MLA and reflect the lack of cull ewes and wethers left on farms, the recent southern rains and continued strong live sheep and mutton demand from the Middle East.

BEEF CATTLE:

The contrast between the ongoing weak beef cattle prices, especially for export categories, and the buoyant sheepmeat categories this week remains stark.

MLA confirms cattle prices remained weak, especially in view of the positive impact from recent widespread rains and the year-on-year fall in the $A, when compared with the situation at a similar time last year.

For cattle, while the eastern young cattle indicator (EYCI) has lifted 3¢/kg this week, other cattle categories fell by 2-5¢/kg cwt.

MLA says this reflects continued weak export interest, with a rising $A mostly offsetting any benefit of the recent rains.