Weekly cattle and sheep market wrap

06 Mar 2026

Key points

Cattle indicators continue to rise.
Rain throughout southern states tightened sheep and lamb yardings.
Cattle slaughter remains elevated due to export demand, while lamb slaughter fell as supply tightened.

Market conditions remain favourable throughout Australia’s cattle supply chain as good conditions in key regions continue and demand remains elevated. Rain throughout key sheep producing regions shifted sentiment as producers retain stock, restricting supply. Cattle slaughter continues to remain at elevated levels while lamb and mutton slaughter tightens.

Cattle market

All cattle indicators increased between 1.6% and 3.1% this week, except for Restocker Yearling Heifer, which fell (-0.4%) to 405.4¢/kg liveweight (lwt). The national cattle yarding fell 1.5% to 87,333 head.

The National Young Cattle Indicator (NYCI) reached 485¢/kg lwt across an offering of 20,502 head. The NYCI has been rising sharply since the start of the calendar year, after the Christmas break took some momentum out of the indicator’s gains.

Processor and export focused lines all increased. The Feeder Steer Indicator lifted by 9.6¢ to 481.4¢/kg lwt across a larger supply of 7,607 head – an 11.8% week-on-week (WoW) increase in listings.

Sheep market

National lamb yardings dropped 10% this week to 144,936 head, while the sheep yarding also had a significant decrease of 21.5%. Supply was held tightly as rainfall came throughout the week to large parts of drought-affected areas across SA, Victoria and southern NSW.

The Restocker Lamb Indicator reached a new record on Wednesday to 1,169¢/kg carcase weight (cwt). Over the week the indicator lifted 30¢ to now sit at 1,154.75¢/kg cwt across a much tighter supply of 24,234 head, representing a 38% decrease in the offering. The retention of restocker lambs at these prices is a good indication of strengthening sentiment among producers.

The Mutton Indicator remained flat at 792.3¢/kg cwt against a tighter supply of 43,478 head – a 26.7% decrease in the total offering. This is the highest weekly average the Mutton Indicator has been since mid-October last year, when it reached a record 810¢/kg cwt. The rise in the indicator since the start of the year demonstrates continued demand from exporters.

Slaughter

Week ending 27 February 2026

Cattle

Cattle slaughter increased across all states, with national slaughter reaching 155,751 head (representing a 5.9% year-on-year increase).

State-by-state breakdown of cattle slaughter year-on-year (YoY):

NSW: up 0.2% to 35,344
Queensland: up 5.4% to 80,932
SA: up 3.1% to 3,843
Tasmania: up 3.5% to 5,169
Victoria: up 11.9% to 26,663
WA: up 53.7% to 3,800.

Sheepmeat

National lamb slaughter declined 2.5% WoW to 445,039 head (-12% YoY), while national sheep slaughter declined 4.6% WoW to 145,325 (-33.8% YoY). The continued decline in slaughter highlights to tightening supply available to processors.

State-by-state breakdown of lamb slaughter YoY:

NSW: up 3.5% to 118,644
Queensland: down 24.5% to 1,055
SA: down 24.5% to 43,684
Tasmania: up 16.5% to 9,543
Victoria: down 17% to 216,810
WA: up 8.7% to 55,303.

Attribute to: Alex Fry, MLA Market Information Analyst

Information correct at time of publication on 6 March 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.