The slide within the Jap States Commerce Lamb Indicator (ESTLI) got here to a halt this week. From final Wednesday (31st) the ESTLI improved 1¢ to 842¢/kg cwt which is 7% underneath the identical time final yr. Within the West, the market was stronger, with the Commerce Lamb Indicator gaining 26¢ to 730¢/kg cwt.
Stable demand was discovered for Restocker lambs. In NSW the indicator lifted 38¢ to 1,022¢/kg cwt, a momentum which was additionally felt in Victoria, the place the Restocker Indicator gained 30¢ to 930¢/kg cwt. Each these indicators are sitting on or near year-ago ranges.
It was regular as she goes for Heavy and Merino lambs, with each Nationwide Indicators unchanged over the interval. The Mutton market is de facto on the transfer. The Nationwide Mutton Indicator gained one other 17¢, persevering with the rally that started in February to finish this week at 677¢/kg cwt.
East coast lamb slaughter fell 22% to 268,424 head processed within the week earlier than Easter. Sheep slaughter volumes have been additionally 20% lighter than the week prior. Whereas these pre-Easter slaughter volumes are low in historic comparability, they’re increased than volumes recorded pre easter in 2020, when the uncertainty of Covid was at its peak.