How quickly things change.
Just over a week ago demand from processors with Chinese orders helped mutton prices surge and the National Mutton indicator (NMI) jumped a massive 43 (13 per cent) to reach 383 cents/kilogram cwt, almost the highest level since the start of the year.
Mercado analysts reported that the wake of COVID restrictions being lifted in China and the early stages of economic recovery were the main drivers instilling confidence in Chinese buyers, resulting in a strong flow of new orders.
This optimism has been short-lived.
Most recent mutton prices have plummeted back to levels seen a fortnight ago.
The National Mutton Indicator (NMI) fell 61c (16 pc) over the course of the most recent sale week, settling at 317c/ kg cwt.
Trade lamb prices held, but restocker demand appears to be waning, with a big fall in the index being recorded.
The Eastern States Trade Lamb Indicator (ESTLI) eased three cents (1pc) for the week, closing at 735c/kg cwt.
According to Mercado analysts, trade lambs gained support from the lower supply, which dipped around 19pc week on week.
Demand for east coast restocker lambs appears to have softened, with the index falling a massive 47c (7pc) week-on-week to close at 625c/kg cwt, seemingly bowing under the pressure of 16pc higher supply compared to the prior week.
East coast heavy lamb prices went the other way however, lifting 8c (3pc) to close at 796c/kg, assisted by the support of a 12pc fall in yardings compared to the week prior.
Reports out of Wagga suggested that a good quality offering kept prices more buoyant in that market; however, reduced export processor activity in mutton, and hence demand for sheep lead to a softer market.
Ballarat prices were subdued by some poorer quality offerings in the trade weight specification.
This led to buying interest being distinctly thinner for sheep into a higher volume offering, resulting in a much cheaper trend.
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Reports from Forbes indicated that the sheep offering there was of fairly mixed quality, which would have contributed to the softer pricing trend.
On the demand side, last week's slaughter numbers continue to impress, with volumes up 16pc from year-ago levels.
Sheep slaughter remains on an upward trajectory and with prices for sheep looking shaky at the moment, here's hoping that processors keep up the pace in the coming weeks.
Over in the west, at Katanning, numbers were up for a total yarding of 14159 mixed quality sheep.
"Lambs dominated the numbers with mainly store lines on offer," Tracey Kilner from NLRS said.
"Prices trended down on numbers seeing heavier trade weight lambs top at $135 while heavy wethers gained selling to a top of $96/head.
"Light weight lambs made from $10 to $87 and trade weights from $90 to $135/head."
Ms Kilner said store ewes sold from $10 to $65 with a fleece, prime medium weights made $45 to $91 carrying a full fleece and heavy ewes returned $75 to $88 to processors while restockers picked up shedding ewes for $95 to $111/head.
In Griffith, lamb numbers decreased and the quality was slightly plainer with heavy and extra heavy lambs again making up the bulk.
According to MLA analysts, there were a few trade weights but lacked the freshness of the previous week.
The market sold to a similar trend and held firm.
Light trade lambs sold from $130 to $144/head medium and heavy trades to 24kg sold from $158 to $189/head and the better end cwt averaged 780c/kg.
Heavy lambs to 30kg were firm ranging from $201 to $233/head.
Extra heavy lambs sold from $231 to $285.
Heavy Dorpers reached $260/head; most averaged 740c to 760c/kg.
Very heavy Dorper hoggets reached $176/head.
"Griffith mutton numbers lifted and the quality was good with mostly heavy and extra heavy mutton penned," a MLA analyst said.
"Prices were around $10 cheaper with the heavy weights selling from $110 to $140/head.
"Medium weights $56 to longer skinned Merinos reaching $100/head."
