The contrast between the beef and sheepmeat categories, however, this week remains stark - with lamb holding onto its recent buoyant prices, while, in contrast, export cattle demand remained weak.

BEEF CATTLE:

MLA says cattle prices remained weak, despite the expected price lift from recent widespread rains across many cattle regions and despite the year-on-year fall in the $A, when compared with that of July last year.

For cattle, the eastern young cattle indicator (EYCI) has lifted 3¢/kg this week.

But other cattle MLA categories fell by 2-5¢/kg cwt.

MLA says this reflects the continued weak export interest and a rising $A this week mostly offset the expected benefit of the recent rains.

LAMB AND MUTTON:

Lamb and mutton prices remain buoyant and well above recent those of years, but MLA says the week's stable price trend suggests the seasonal winter price peak may have been reached for sheep and lamb prices.

Lamb prices rose slightly for heavier finished categories this week but they fell slightly on lighter categories, leaving trade and heavy lambs up around 10pc on last year’s.

Light categories this week, however, sold over 20pc higher than this time last year.

MLA says lamb prices continue to be buoyed by lower numbers and ongoing strong export demand.

After reaching a record 306¢/kg cwt two weeks ago, the national mutton price indicator retreated a further 11¢ this week, to 289¢/kg cwt – but that's still 50pc higher than last year’s.

MLA says these ongoing high prices reflect the lack of cull ewes and wethers left on farms, the recent southern rains and continued strong live sheep and mutton demand from the Middle East.