November sheep market update

Highlights for sheep

• Australian lamb prices have moved lower throughout October due to dry conditions across the southeast and an uptick in supply. The National Trade Lamb Indicator eased -2.0 per cent to around 1,136 c/kg over the past month, before rainfall towards the end of the month saw prices start to pick back up.
• Lamb processing rates trended higher over the past few weeks, lifting to 436 thousand head in the week ending Friday 31 October 2025, only beaten by the preceding week for the highest total since June. However, despite the uplift, throughput for October remained -3.4 per cent lower than the corresponding month last year. Throughput rates are likely to remain elevated throughout the remainder of the year as the supply of new season lambs continues to lift.
• Supply pressure will continue build over the next few weeks as the spring flush continues across the southern states. Lamb yardings generally peak in November/December and although we may not see as many lambs this year, prices are expected to face some level of downwards pressure. However, the recent rainfall should be supportive from a restocker perspective, which may see more active back-to-paddock buying as growers in the south begin to rebuild flocks if we see favourable conditions.
• Prices are expected to continue sideways to marginally lower but should remain historically strong through to the end of the year.

Source: Meat & Livestock Australia (MLA)

Joe Boyle

Agricultural Analyst

Joe is our Insights specialist for the sheep industry. He hails from a cropping and sheep farm in northwestern Victoria and has studied a Bachelor of Agriculture at the University of Melbourne.