Supply out-strips demand in most ram sales across the country.
The South Island Perendale Stud Ram Fair in Gore last week wrapped up the sales, in which prices were generally lower and the pass-in rate higher than last year.
Sales were also held in Feilding in the North Island and Canterbury.
The highest price paid was $12,000 for a Texel hogget ram, sold by Sharon Paterson of Waikaka at the Gore sale.
The top price paid last year was $20,500 for a Perendale ram, also at the Gore sale.
PGG Wrightson livestock genetics manager Bruce Orr, says a surge in land conversions from sheep and beef to dairy is to blame for the fall in sales.
Mr Orr says rams are the best value they've been in years. The Perendale sale in Gore bucked the trend, with 49 of the 50 rams on offer sold, at an average of $3200.
Three Australian buyers bought 13 of those rams, worth $50,000.
About 500 rams were on offer across the sales, 70% of which were sold.