Weekly cattle and sheep market wrap
06 September 2024
Key points:
- Increased demand for heifers has lifted prices for the Restocker Yearling Heifer Indicator.
- The highest trade lamb prices were achieved in Forbes at 872¢/kg cwt.
- Queensland has achieved the largest weekly slaughter in four years for the second week in a row.
Cattle
The cattle market, although generally mixed, was still supported by a strong foundation this week. Yardings eased by 5,897 to 48,642 head, with year-to-date yardings 7% above current levels.
The Heavy Steer Indicator eased by 2¢ to 345¢/kg liveweight (lwt), and prices eased in NSW and Queensland while all other states experienced lifts. Yardings saw a lift of 133 head over the past week.
The Restocker Yearling Heifer Indicator lifted by 4¢ to 368¢/kg lwt. The highest prices were seen at Tamworth, Carcoar and Wagga which contributed to 13% of the indicator. At Wagga and Tamworth, increased interest for heifers is outpacing demand for steers in some cases. This increased demand for heifers for restocking or feedlots has pushed prices upwards.
Sheep
The sheep market has been generally positive except for the Mutton Indicator, which eased by 8¢. Both sheep and lamb yardings eased this week, totalling 13,237 head reduction in yardings.
The Trade Lamb Indicator lifted by 28¢ to 836¢/kg carcase weight (cwt), and prices lifted across most states except for WA. Yarding eased by 2,831 to 35,582 head. Forbes saw the highest trade lamb price at 873¢/kg cwt. However, most lambs at Forbes fell into the trade lamb categories with fewer heavy trade and heavy lambs available at market.
A lift of 45¢ was seen for the Restocker Lamb Indicator, totalling 632¢/kg cwt. Prices lifted in all states except NSW which eased by 19¢. Throughput in Wagga surged by 24,408 head, leading to 2.8 times more restocker lambs being sold. Despite this increase in supply, prices at Wagga lifted by 9¢. However, as the season progresses, lambs are trending lighter from both early weaning and the effects of a drier season.
Slaughter
Week ending 30 August
Cattle slaughter eased by 120 to 140,990 head. There were mixed results across the states, however small lifts were recorded in NSW, Queensland and WA. For the second week in a row Queensland achieved the largest weekly slaughter in four years at 75,201 head. Year-to-date, slaughter has lifted by 11% compared to 2023, indicating processing capacity strength.
Combined lamb and sheep slaughter lifted by 54,756 to 588,826 head. Sheep slaughter lifted by 38,094 to 180,753 head, with NSW seeing lifts of 25% and Victorian slaughter lifting by 26%. Lamb slaughter lifted by 16,662 to total 408,073 head. Lamb slaughter eased by 11,063 to 210,257 head in Victoria while SA experienced lifts in lamb slaughter by 24,434 head. Overall lamb slaughter has eased over August due to multiple processor shutdowns and fewer lambs available to market.
Attribute content to Emily Tan, MLA Market Information Analyst
