Lamb numbers are up this year, helped by better spring conditions.
However, Beef and Lamb New Zealand's Economic Service says it's still the second lowest lamb result in 55 years.
Its annual lamb crop survey puts the number of lambs tailed this season at about 26.5 million.
That's 1.7 million more lambs than last season, when spring storms took a heavy toll during the peak of lambing.
The Economic Service's director Rob Davison says it's still going to leave the lamb supply tight for the meat trade.
He says there are 119 lambs born for every 100 ewes, compared with 110 lambs per 100 ewes last year.