Sheep are pretty easy keepers. They need less hands-on care than many other livestock (other than shearing, which produces wool that can be sold), they don't require shelter, they don't require strong fences, they don't require high-quality feed, etc.

There can also be other forces at play. For example, we have just transitioned from la Nina (which brings high rainfall to this part of the world) to el Nino (which brings drought), so a lot of farmers will be downsizing their flocks.

Changes in wool prices can also affect lamb prices.