Elders Ltd. has released its sheepmeat market outlook for summer 2025, highlighting continued strong prices driven by significantly lower lamb cohorts, reduced ewe numbers, and poor lambing rates due to challenging seasonal conditions. The company reports that a sharp move to retain ewes has restricted available sheepmeat supply, resulting in prices remaining at historically high levels through spring. Lamb values peaked at $11 to $12 per kilogram carcase weight (cw) in early spring before easing to $10 to $11/kg cw as new season lambs arrived, albeit 6 to 8 weeks later than usual. Elders notes that the shortage in lamb supply was more critical than previously forecasted, with price levels underestimated by 50 cents to $1/kg cw. Looking ahead, market quality may be affected by a larger proportion of lighter, woolly lambs from western and northern regions, with price spreads between light and heavier lambs expected to persist until feedlot supplies increase in the first quarter of 2026.