Sheep market wrap in Australia

The National Restocker Lamb Indicator (NRLI) has strengthened in the past week as the supply of restocker-eligible lambs tightens across the country, with the favourable seasonal conditions driving higher turn-off weights and continued demand to capitalise on the seasons. As at Tuesday 15 February, the indicator had risen 62c week-on-week and is 45c higher than year-ago levels, now sitting at 960c/kg cwt. With MLA’s latest sheep projections forecasting the national flock will grow by 3.75 million to 74.4 million head in 2022, the continued confidence from sheepmeat producers and demand for restocker lambs in current market terms will mean this flock growth is supported. The NSW restocker lamb price is currently operating at a 7% premium to the national price, having risen by 45c/kg cwt week-on-week to sit firm on year-ago levels. This data is indicative of the demand in NSW for restocker lambs at present, as producers look to capitalise on available feed – but supply remains ...