Weekly cattle and sheep market wrap

Cattle

There were positive results for all indicators in the cattle market. The largest increase was from the Dairy Cow Indicator, which lifted by 17%. There was an ease in yardings by 2,990 to 46,627 head. The Heavy Steer Indicator lifted by 31¢ to 338¢/kg liveweight (lwt), with yardings lifting by 97 to 1,155 head. Naracoorte recorded the highest average price at 380¢/kg lwt. Shepparton and Wagga Wagga contributed a combined 34% to the indicator. According to market reports, prime cattle are in short supply as we move to the middle of winter.

The Processor Cow Indicator rose by 20¢ to 264¢/kg lwt and yardings lifted by 3,878 to 10,657 head (the largest increase across all indicators). Roma numbers reached over 300¢/kg due to the strong demand for well-conditioned cows. The export market remains strong as the US rebuild increases demand for trim product.

Sheep

The sheep market has been generally positive with the exception of the Restocker Lamb Indicator. Combined sheep and lamb yardings lifted slightly by 157 to 262,543 head, and a similar proportion of sheep and lamb yardings. Market dynamics combined with improved producer sentiment have driven an uplift across most of the market.

The Heavy Lamb Indicator rose by 60¢ to 856¢/kg cwt, and yardings eased by 2,556 to 24,908 head. The sheep and lamb market has returned to the normal winter month trends. At Wagga, heavy lambs saw a $20 jump, leading to an average price of 909¢/kg cwt. The demand for heavy lamb remains strong while supply has eased.

The Restocker Lamb Indicator eased by 36¢ to 597¢/kg cwt prices. There were price lifts recorded in WA, Queensland and NSW, with Victorian prices easing by 108¢. Yardings eased by 1,345 to 13,698 head. The wintery conditions in key sheep-producing regions have meant very lightweight sheep are being sold at minimal prices with little demand.

Slaughter­

Week ending 5 July 2024

Following record slaughter numbers for the last couple of weeks, cattle slaughter eased by 3,626 to 140,079 head. Despite the easing in numbers, cattle slaughter continues to reign supreme, with the fourth largest week in 2024. NSW slaughter eased by 704 head, mainly from Tasmania where slaughter eased by 1,301 head, with other states seeing a slight reduction.

As we enter lambing season, combined lamb and sheep slaughter eased by 19,478 to 626,434 head. Lamb slaughter eased by 13,141 to 471,668 head. Victorian slaughter reduced by 6,778 to 235,009 head; WA followed the same trend, reducing by 5,059 head. As we enter the winter months, slaughter is expected to ease with shutdowns around the corner.

Attribute content to Emily Tan, MLA Market Information Analyst