J&M Jamieson, Gundagai set a new record price for the South Eastern Livestock Exchange (SELX), Yass for lamb on Wednesday through agency Agstock for $342 per head.
They were XB lambs estimated to weigh 38 kilograms (carcase), making the sale $9 per kg.
Sam Hunter, Agstock sold the record lamb for J&M Jamieson to the Australian Lamb Company, Victoria.
"Lambs have been making $330-$354 (Australian record) the last month or so," Mr Hunter said.
"Just a shortage in numbers due to the drought."
Mr Hunter said the Australian Lamb Company would be sending the lambs to the abattoir.
A total of 1896 XB lambs sold at the July 10, prime sheep and lamb sale to an average of $197.30.
Overall, lamb and mutton numbers were lower.
All up, 416 head of merino lambs topped at $189.20 to average $132.44, while 58 XB hoggets topped at $242 to average $174.59.
A total of 610 wethers merino topped at $186.60 to average $152.68,360 XB ewes topped at $230 to average $174.35, and 1755 ewes merino topped at $193.20 to average $134.14.
Total yarding was 6352.
"Lamb quality was very mixed, with a good selection of well finished lambs offered, along with the plainer types. Majority of the usual buyers were present and competing in a dearer market," Meat and Livestock Australia's (MLA) National Livestock Reporting Service reported.
"Light lamb sold from $140 to $165/head. Trade weights were $3 to $6 dearer, with prices from $162 to $231/head. Heavy and extra heavy weight lambs were $6 to $10/head dearer. Heavy lambs to 26kg sold from $228 to $259/head. Extra heavy weight lambs made from $275 to $342/head. Carcase prices averaged from 915c to 978c/kg cwt.
"Mutton quality was very mixed, though prices showed a dearer trend. Merino ewes sold from $120 to $190/head. Crossbred ewes varied in price from $120 to $236 and merino wethers sold from $121 to $170/head."