Supply remains the dominant market driver

The National Trade Lamb Indicator finished the week at 1,219c/kg cwt, while WA finished at 1,120c/kg cwt. The National Mutton Indicator closed at 883c/kg cwt, with WA mutton finishing at 744c/kg cwt.

The bigger story, however, remains supply.

National saleyard offerings were approximately 46% lower than the corresponding week last year, while WA yardings were down around 45%. Processing figures tell a similar story, with national sheep and lamb slaughter approximately 27% lower and WA processing volumes down around 40% on the same week in 2025.

At the same time, online activity remained strong, with listings increasing by approximately 15% and clearance rates reaching 94%.

There also appears to be a noticeable increase in enquiry from eastern states buyers into Western Australia. While still early, enquiry levels have lifted over the past week to ten days, suggesting buyers are again looking further afield as livestock availability tightens.

Taken together, the numbers continue to point in the same direction.

There is little doubt reduced flock numbers are now flowing through the entire supply chain, from saleyard offerings and processor throughput to buyer competition and price formation.

The question is no longer whether sheep numbers have declined.

The more important question is what level of flock rebuilding will be required to restore supply.

For now, the market continues to send the same message:

The market is still paying a premium for scarcity.