THE strength of the export market and that ever vital ingredient - rain - has bolstered the sheep market.
On Monday, the Eastern States Trade Lamb Indicator was sitting at $5.81 a kilogram. By this time last year, MLA market information and analysis manager Tim McRae reported that it was about $4.04/kg.
Meanwhile, heavy lambs were at $6.03/kg, up 7 cents on the previous week, and mutton was at $3.80/kg, up 10c.
"Mutton is probably the biggest mover," Mr McRae said.
"There's still supply coming in."
Mutton exports for February showed a considerable increase in value, up 84 per cent on the previous year to $84.5 million, with exports to China generating the highest value.
The lamb and sheep market has been firing on all cylinders for a couple of months, and industry is hopeful the good times will continue to roll into winter.
"It's a textbook example of export demand, trade (demand) and a bit of rain," Mr McRae said.
The value of lamb exports during February reached $135.5m, up 40pc year-on-year.
This was despite the volume of lamb exported in the same period - lifting by just 9pc, to 12,229 tonnes shipped weight - the effect of the Australian dollar hovering around US89c through the month.
"The export market is one that's doing particularly well," Mr McRae said.
"China, the Middle East and the US are sustaining their buying power and taking big volumes.
"But the Australian market is still continuing to look for lamb."
Other notable export increases for February were returns from lamb shipments to South East Asia (up 74pc) and Japan (up 30pc).
The last time the ESTLI was at such a high - and sustained prices above $6/kg - was between February and April, 2011, Mr McRae said: a wet year with nobody selling their lambs.
He said that, given the overall autumn break, the outlook for the coming months was pretty good.
"With sheep and lambs, it's also worthwhile considering the cropping outlook which, with forecast widespread plantings, producers could be keen to hold onto numbers.
"If ewes are retained, that could have an effect on where the market goes."
He said we could probably expect to see numbers tighten, particularly with the forecast of El Nino in the back of producers' minds.
"We will probably see supplies (going into winter) lower than last year, but nothing drastic," Mr McRae said.
Overall, it was a pretty positive outlook coming into the Easter period.
"Coming into Easter at $5.70 to $5.80, producers would have to be happy with that," he said.
SAL operations manager Bruce Redpath said the lamb market at Naracoorte was still getting a reasonable supply, but there were not a lot of lambs to go.
"Over-the-hooks lambs are slowing up, the stubble lambs are finished but there's still a few lambs on feed," he said.
"It's as good as it's been this week, making about $6 to the trade, up to $6.30.
"With good lambs being scarce, I don't think we'll see prices get much higher."
Mr Redpath agreed that export demand had been "tremendous", bolstering bidding power.
In the north of the state, it's all systems go following some fantastic rainfalls.
"We've got fellows in the north with boom sprays waiting at the gate to get in and get their crops in," Landmark Jamestown's Don Cullen said.
"Normally at this time of year they're hand-feeding and wondering where the rain is.
"We're going to get a bit of supply from those areas who want to get crops in and sheep out."
* Full report in Stock Journal, April 17, 2014 issue.