Weekly cattle and sheep market wrap
23 June 2023
Key points:
- Cattle prices were steady despite a lift in yardings.
- Sheep yardings increased significantly, with quality of stock driving the market.
- Slaughter figures eased as some processors are starting to enter their winter maintenance periods.
Cattle
Cattle indicators held relatively firm this week – yardings increased 44% week-on-week to 43,442 head.
NSW experienced the largest lift in numbers, by 8,664 head or 73%. Victoria numbers also lifted by 1,190 head (35%) but Queensland eased slightly by 286 head (2%).
The Restocker Yearling Heifer indicator improved 12¢ week-on-week, with Roma 20¢ above the national average. Wagga Wagga had the largest premiums at 304.52¢/kg liveweight (lwt).
Feeder steer prices improved 7¢ week-on-week after strong prices at Mount Barker, Wagga Wagga, Moss Vale and Warwick. Some good rainfall in the southern parts of NSW, Victoria, SA and WA has helped to improve restocker prices despite increased throughput.
Sheep
Sheep and lamb yardings lifted 37% week-on-week, with lamb numbers reaching 180,303 head. Older season lambs are hitting the market as new season lambs start to hit the ground. Throughput through the mutton indicator has increased 15,000 head as older ewes kept over the rebuild period are being sold off.
Throughput through all indicators improved. The Light Lamb indicator numbers increased by 9,500 head. This increase in throughput, combined with reduced activity at the saleyards, has continued to dampen prices.
The Light Lamb indicator eased 62¢ week-on-week, with Forbes taking out the highest contribution of 13% and only trading 6¢ above the national average. Dubbo contributed 11% to the indicator but had an average price 34¢ below the national average.
Restocker lambs eased 83¢ week-on-week with a 5,700 head increase in throughput. Corowa, Wagga Wagga and Ballarat took out the largest premiums for restockers, while Guyra contributed the second largest proportion to the indicator, trading at the fourth highest price on average.
Mixed quality in the market is driving demand and more grainfed lambs are now moving through.
Slaughter
Cattle slaughter continues to soften week-on-week after the peak from the beginning of June. Numbers now sit at 113,670 head, with NSW and Victoria softening 11% and 19% respectively.
Lamb and sheep slaughter has seen a similar movement, with lamb slaughter nearly reaching the levels seen in 2022 and 2021. NSW has softened in lamb slaughter by 33% to reach the state’s lowest weekly lamb slaughter since the end of 2021. Victoria also saw a drop in lamb slaughter to 177,641 head. This is in line with the trends we generally see at his time of year as plants close for their winter maintenance period.
Sheep slaughter also eased to 132,687 head but remains 66% above year-ago levels, and goat slaughter is up 102% year-on-year.
Markets update
Bairnsdale and Blackall markets did not run this week.
On Monday, the latest cattle projections were released and include the latest forecasts on herd numbers, slaughter, production, carcase weights and export figures.
Check out the full report at Cattle projections | Meat & Livestock Australia (mla.com.au)
