LAMB prices soared to record levels at the Inverell Saleyards on Tuesday when Delungra's Scott and Therese Cole of the property Nordale achieved $140 each for their dorset cross lambs.

The lambs averaged 67kg and will be slaughtered at Wallangarra in Queensland after being bought by Peter Strelitz representing Country Fresh Australia Pty Ltd.

Producer of the lambs Scott Cole said he was happy with the result and put part of this down to what the buyers were prepared to pay on the day.

"Prime lamb production is worthwhile when you can actually supply what the buyers are after on the day,” Mr Cole said.

Marketing reporter for Inverell Stock Agents Pty Ltd Brian Baldwin said the Cole's lambs were the best he had seen at the Inverell yards and the low Australian dollar and overseas demand had contributed to the high prices.

"They were the biggest lambs that I've ever seen in the Inverell Saleyards.

"With the Australian dollar being low, the export market for Australian lamb has become very attractive to overseas interest, particularly America, and up until very recent years the Americans did not eat much lamb.

Mr Baldwin said Americans were now eating more and more lamb and with the low dollar, it had become economic for them to buy Australian lamb.

"They seem to prefer big lambs and the emphasis in recent years has been to produce lambs yielding 18 to 21kg dressed weight for the Australian domestic market, so therefore there haven't been many lambs kept until they came into the export lamb category,” he said.

Mr Baldwin said the drought and a shortage of supply had contributed highly to price increases, but he did not expect lamb prices to go far beyond these high levels.

"The drought really knocked things about number wise, so the old theory of supply and demand has caused the price to rise considerably with exporters trying to fulfil their contracts.

"Whilst there's a shortage of lambs and the Australian dollar stays low the market will stay pretty good – I don't think we'll see much of these extreme prices,” Mr Baldwin said.

Bundarra's Gary Goldman was the previous record holder with his lambs sold by Alex Johnston & Co for $132/head.

Ashford's Steven Beveridge also had a successful day at the sales on Tuesday after he made $125/head for third wool dorset cross lambs.

© 2003 Inverell Times

<< Back