New-season lambs are struggling to hold their value as the market undergoes a battle between supply and demand.
The outcome for sheep has been somewhat volatile too, with prices retreating one day and surging the next.
Last week at Wagga Wagga, NSW, mutton prices recovered from the previous sale and surged ahead $15-$45 a head as Fletchers International took control of the market, mopping up most sheep with weight.
Prices topped at $265 for big Merino ewes to average across the board 639 cents a kilogram carcase weight.
There were reports of erratic results for lamb earlier this week as buyers tried to pull back prices but were hindered by suitable numbers and quality, particularly across the trade weight sections.
The eastern states lamb indicator revealed carcase weights for trade lambs eased 2c/kg to 881c/kg, while heavy lambs dipped 14c/kg to 885c/kg.
Restocking lambs indicated good form gaining 2c/kg to sit at 953c/kg.
The big newsworthy story was mutton bouncing 47c/kg, pushing back over 600c/kg to settle at 634c/kg cwt.
At Bendigo on Monday there were 21,000 lambs and with less weight on offer than the previous sale.
Pens of heavy lambs more than 27kg cwt were in short supply.
These lambs also indicated dryness in their skins and sold at an estimated carcase weight of 840-949c/kg.
The top drafts of well-finished domestic slaughter lambs were unchanged but overall, 21-24kg eased $5 to average 804c/kg cwt.
Domestic and export buyers both placed strong bids for lambs weighing 24-26kg, lifting rates $5 to sell from $206-$246.
Ballarat lamb fatteners competed against meat buyers to secure lambs, paying from $160-$190, and purchased a good percentage of the 18-20kg portion.
Very small lambs were dearer, aided by a couple of restocking orders.
Prices rallied in the mutton market despite some regular buyers only observing the market and its trends.
An exceptional pen of heavy Dorper ewes recorded a top price of $257 while other heavy ewe mutton sold from $183-$243.
Trade weight sheep were well supported, tracking at more than 600c/kg cwt.
Increasing central Victorian numbers at Ballarat took a toll on rates with numbers jumping by more than 7400 to 21,691.
New-season trade lambs sold $6-$8 cheaper to average 894c/kg in a fluctuating market, according to Meat & Livestock Australia's National Livestock Reporting Service.
The heavy export market opened strongly before tapering off to sell $8 cheaper, averaging 943c/kg cwt, market reporters indicated.
Local restockers were active and again competed against persistent meat buyers for quality paying from $175-$238.
- Leann Dax is an NLRS market reporter for Meat & Livestock Australia.