Weekly cattle and sheep market wrap

23 Jan 2026

Key points

All cattle indicators eased, excluding restocker steers, which continued to strengthen into 2026.
Lamb prices increased, while mutton prices softened.
National cattle slaughter lifted, except in Queensland due to weather disruptions.

Cattle market

All cattle market indicators dropped, excluding the Restocker Yearling Steer Indicator, which continues to strengthen early into 2026. Restocker steer yardings lifted in comparison to last week and there is a strong demand for steers to place on grass.

The National Processor Cow Indicator dropped 10¢ to 372¢/kg liveweight (lwt). Market reports noted a quality decline. Additionally, southern NSW producers are offloading to counter reduced feed, meaning more than usual females, with their weaner calves, are being offered.

Sheep market

The sheep market lifted with increases in all indicators, excluding the Mutton Indicator. With the upcoming short week (Australia Day public holiday), producers reduced supply and a strong competitive market followed.

The Trade Lamb Indicator lifted 30¢ to 1,085¢/kg carcase weight (cwt) due to competition for excellent quality. Trade lamb yardings were down 6,438 week-on-week (WoW), totalling 33,136 head. Trade lambs of 21– 24kg sold for $238−$284 at Wagga.

The Mutton Indicator eased 1¢ to 749¢/kg cwt. Reduced buyers at key markets caused the drop, although supply increased to 77,014 head. Heavy sheep were sold for $210 − $278 per head − up to $9 less than Wagga’s last week prices.

Slaughter

Week ending 16 January 2026

Cattle slaughter

Cattle slaughter increased across all eastern states as processors returned to full operation after the new year shutdown. National throughput totalled 138,344 head and most states recorded WoW lifts. All states experienced year-on-year (YoY) lifts, excluding QLD which eased 4% due to flood disruptions.

State-by-state breakdown of cattle slaughter:

NSW: up 7% at 37,348
Queensland: down 4% to 61,172
SA: up 5% to 3,632
Tasmania: up 5% to 4,888
Victoria: up 16% to 25,218
WA: down 64% at 4,004.

Sheepmeat

Although plants are returning after the new year break, the national sheep and lamb throughput dropped 14% YoY to 608,506 head. Throughput eased in all states except Tasmania, which lifted 31% year YoY. SA was the biggest decrease at 31% YoY but Victoria’s 14% YoY reduction accounts for 41,979 head.

National sheep slaughter dropped 22% to 169,307 head YoY due to the large liquidation experienced at the start of 2025. NSW drove the drop in throughput with a 17% decrease (-16,155 head) followed by Victoria (-26% or 15,813 head) and WA (-38% or 15,604 head). This suggests more retention from producers but could also simply be reduced availability after 2025’s significant destocking

Lamb slaughter eased 10% to 439,199 head, driven by drops in the southern estates with Victoria (-10% to 223,102 head) and SA (-32% to 39,539 head). The only state to lift was TAS − up 1% to 11,187 head.

State-by-state breakdown of lamb slaughter:

NSW: down 4% to 111,811
Queensland: down 25% to 1,290
SA: down 32% to 39,539
Tasmania: up 1% to 11,187
Victoria: down 10% to 223,102
WA: down -2% to 52,270.

Attribute content to Emiliano Diaz, MLA Senior Market Information Analyst.

Information is correct at time of publication on 23 January 2026.

MLA makes no representations as to the accuracy, completeness or currency of any information contained in this publication. Your use of, or reliance on, any content is entirely at your own risk and MLA accepts no liability for any losses or damages incurred by you as a result of that use or reliance. No part of this publication may be reproduced without the prior written consent of MLA. All use of MLA publications, reports and information is subject to MLA’s Market Report and Information Terms of Use.