PRODUCERS splurged on 50 per cent more lambs last month compared to this time last year.

Restocker competition helped keep prices from falling dramatically as a gap opens up between the number of lambs yarded and those slaughtered.

Last week, Australian saleyards had the biggest lamb numbers for almost a year, with Victorian yards alone yarding 116,000.

It comes on the back of monthly slaughter rates slipping to their lowest level since 2004.

Despite the lower kill numbers and big yardings, prices have held on as producers and lotfeeders stock up.

Victoria's weekly kill last month averaged 135,000 lambs, down 4 per cent on October and the lowest November lamb kill since 2004.

But yardings were bigger, dominated by light lambs that made up 40 per cent of offerings last month.

National Livestock Reporting Service figures show restockers have been much more active this year than last.

In November last year, 93,000 lambs in Victoria went to restockers and feeders.

But that number swelled to 140,000 last month.

NLRS analst Joshua Anderson said there was a definite trend emerging.

"You can see that restockers have been considerably more active across the states (NSW and Victoria) this year," Mr Anderson said.

"This reflects the superior conditions and it also reflects producers sending lighter lambs to market to take advantage of price."

Meat and Livestock Australia sheepmeat analyst Rob Barker said restocker lamb prices in Victoria were down slightly in November compared with last year, especially in the second half of the month.

"There was a fair proportion of lighter lambs being sold, and with decent rainfall across much of the state through spring, some producers may have seen an opportunity to put some extra weight on lambs to sell in 2012," he said.

Rodwells Bendigo manager Mick Crapper said his centre had seen more unfinished lambs yarded this spring that were not really suitable to kill.

Restockers had picked up the slack, but Mr Crapper feared this might mean bigger numbers yarded in autumn.

"Restockers are paying $90-$100, so if rates can stay where they are now and the lambs they finish can make $150, everyone can make a bit of money," he said.