PGG Wrightson agent and auctioneer Neil Common said prices for smaller lambs almost doubled after the rain.
"Lambs that had been lucky to make $40 in January shot up to $70 or more."
Another consequence was falling yardings of prime stock as farmers and finishers held on to lambs to put more weight on them.
Yardings were also reduced because so much surplus stock had been sold earlier than usual because of the drought.
Many lambs that would once have been finished in Hawke's Bay were sold store and went to the South Island, Waikato or Manawatu.
This has meant a shortage of stock which will not be alleviated until at least some of that stock returns to Hawke's Bay.
Mr Common said grass was growing but follow-up rain was needed before full confidence was restored.
Prime ewe prices rose steadily into March as meat processors looked to keep their plants operating.
Some plants are working only a few days a week because of the stock shortage.
The shortage is likely to mean smaller yardings at Stortford Lodge for some time.
On a brighter note, cattle markets remain very sound with February prices slightly up on January.
"The whole cattle market has moved up a couple of gears in the last 12 months," Mr Common said.
He said farmers were generally a lot happier but looking for more warm rain to maintain grass growth.
If that happened facial eczema could again be a problem but because pasture was thoroughly grazed it was cleaner than before last year's devastating outbreak, he said.
"We haven't had any reports of it so far so we are hopeful," Mr Common said.