PGG Wrightson Otago livestock manager Chris Swale said prices had varied between $2.60 and $2.75 a kg liveweight, a value he described as market related.
"In relation to the schedule, it is fair money. The sellers are getting fair money and buyers are able to get something out of it as well."
With lamb numbers down after September's storms, there had been fears store lamb prices might have soared.
However, he said demand had not been excessive, because of farmer workload and also because the wet and cloudy summer which had slowed lamb growth when many farmers were targeting heavier weights.
Mr Swale said that could change in the coming weeks as farms emptied out.
Meat companies are paying $5.30 a kg carcass weight for lambs 14.5kg to 17kg and $5.20 to $5.25 for lambs 17kg to 23kg. That made a 17.5kg lamb worth close to $100 - more than $15 ahead of last year.
Silver Fern Farms chief executive Keith Cooper said the price for all sheepmeat products was rising and he hoped the new level would not burn off consumer demand.
"If it's sustainable, in my view that golden era that I have been talking about could be reality."
He did expect some seasonal easing in prices in coming weeks, but said farmers would still be pleased with returns.