Weekly cattle and sheep market wrap

Cattle market

The cattle market has remained stable with prices holding steady. However, yardings eased by 13,040 to 55,304 head.

The Feeder Steer Indicator dropped by 9¢ to 335¢/kg liveweight (lwt), despite an increase in yardings by 1,992 to total 7,772 head. Prices eased across all states as many saleyards reported weaker competition and diminishing demand for feeder cattle as the sales progressed. In Queensland, prices were slightly below the national average, with Gracemere prices falling 40¢ below the national rate.

The Restocker Yearling Heifer Indicator rose by 1¢ to 263¢/kg lwt, while yardings eased by 135 to 2,749 head. Prices declined Iin all states except Queensland. In NSW, prices remained just below 300¢/kg lwt, holding steady, with increasing interest in light-weight and medium-weight heifers returning to the paddock.

Sheep market

The sheep market showed overall positive trends, with all indicators experiencing gains, particularly the Light Lamb Indicator. While sheep yardings eased by 15,444 to 307,595 head, yardings increased for all indicators.

The Heavy Lamb Indicator rose by 48¢ to 859¢/kg carcase weight (cwt), with yardings increasing by 4,200 to 16,786 head. Heavy lambs continued to receive a premium over unfinished lambs. At Wagga, despite a larger yarding of sheep, heavy young lambs achieved prices above 900¢/kg cwt while lambs between 21–24kg sold for 40¢ less. 

The Light Lamb Indicator increased by 92¢ to 720¢/kg cwt, with prices rising across all states despite an 8,602 head increase in yardings. Light lambs are being sold diretly to processors rather than being fattened, possibly due to a lack of feed on the ground. At Ballarat, the supply of heavy-weight lambs was reduced, with light new-season lambs under 18kg selling to the Middle East. Bendigo reported a similar trend.

Slaughter

Week ending 18 October 2024

The highest weekly cattle slaughter since January 2020 was recorded, increasing by 19,826 to 143,806 head. Most states, except WA, saw a lift in slaughter. Queensland recorded a 20% rise to 76,594 head, marking the largest weekly slaughter in four years. NSW slaughter lifted by 6,027 head, with small increases in other states.

Combined lamb and sheep slaughter lifted by 41,926 to 620,405 head, driven by increases in both sheep and lamb slaughter. Sheep slaughter lifted by 11,032 to 216,755 head, the fifth largest sheep slaughter in the last five years. NSW sheep slaughter lifted by 11,538 to 80,286 head, while WA sheep slaughter declined by 7,479 head. Despite more sheep being processed in NSW, Victoria recorded the second largest weekly sheep slaughter since 2020. Lamb slaughter increased by 30,894 to 403,650 head, with all states showing gains, the largest being a 20% rise in NSW. Victoria continues to lead in lamb processing across the country, with 221,239 head, an increase of 8,079 from the previous week.

Attribute content to Emily Tan MLA Market Information Analyst