THERE'S been a rally in lamb prices in the past week with rates rising by as much as 25 per cent in some categories.Lambs suitable to process, falling into the heavy and trade weight ranges, have risen more modestly at between 6-9c/kg for the week to close today at 322c and 339c/kg.
But Merino lamb rates have jumped 57c/kg off a low base to be much stronger than a week ago, closing today at 292c/kg.
Light and restocker lambs are also selling at higher rates, rising 21c and 25c/kg respectively.
At Wagga Wagga today, the offering of 23,500 lambs was up 6500 on the week before.
Limited trading from supermarkets and the bigger number of offer could have been expected to drive prices down.
But extra competition from restockers and the remainder of the buying gallery pushed rates up to $7 higher for shorn lambs, making 351-368c/kg according to the National Livestock Reporting Service.