Heavy steer prices surge toward record highs
Key points
- Heavy steer prices reached 465.29¢/kg liveweight – the third highest level on record.
- Southern saleyards drove the rally, with Leongatha recording prices above 480¢/kg.
- Strong demand for finished grassfed cattle, particularly 600–750kg animals, is underpinning the market.
Australia’s National Heavy Steer Indicator climbed to 465.29¢/kg liveweight (lwt) on Thursday, placing it among the highest levels ever recorded.
The price sits just below the record of 471¢/kg lwt set in October 2021, but has already surpassed other historic peaks, including 464¢/kg, which was reached in November last year.
Demand for finished cattle
The surge in prices reflects persistent processor demand for finished cattle – particularly well-finished grassfed animals – even as national cattle production remains elevated. Usually, high production and slaughter volumes would suppress prices.
Much of the strength in the indicator this week was driven by southern saleyards, where competition for finished cattle remains intense due to low supply of heavy cattle, driven by dry local conditions.
Saleyard performance
The southern saleyards performing well this week were Leongatha (Victoria), Mount Gambier (SA), Shepparton (Victoria) and Echuca (Victoria), which all outperformed the national benchmark. These four saleyards accounted for 47% of all heavy steer throughput.
The heavier the animal, the more expensive. The premium for heavier cattle reflects processor preference for larger finished animals, which deliver higher carcase weights and improved processing efficiency. Steers at the heavier end of the spectrum, over 600kg and below 750kg lwt are fetching 466¢/kg lwt, compared to 460¢/kg for animals in the 400–500kg weight range.
This week the Indicator was also affected by several non-operating saleyards. The public holiday in Victoria meant that Mortlake did not contribute any animals to the Heavy Steer Indicator this week. The absence of Mortlake is significant as it regularly trades above the national indicator and contributes around 20% of the heavy steer yarding used in the calculation.
Mortlake recorded 473¢/kg liveweight last week. When trading at Mortlake resumes on Monday, it may provide some upwards momentum to the already climbing Heavy Steer Indicator.
A number of Queensland saleyards were not included in the Heavy Steer Indicator this week. Sales at Gracemere and Charters Towers did not occur due to rain impacting roads and logistics. Gracemere typically trades around 4% below the national Heavy Steer Indicator, but contributes only about 1% of the national Indicator volume, meaning its absence likely had only a small upward impact.
Not all finished cattle indicators are at record levels
While heavy steer prices are approaching historic highs, other finished cattle indicators are below record territory.
For example:
- Dairy Cow Indicator: at 344¢/kg liveweight, below the 374¢/kg record.
- Processor Cow Indicator: sitting below levels recorded in late 2025.
This divergence suggests the current strength is particularly concentrated in finished grassfed steers, rather than across all slaughter cattle categories.
Market focus turns to next week
With Mortlake expected to return to the market next week, industry attention will be closely focused on how the Heavy Steer Indicator performs when one of its largest contributing saleyards resumes reporting.
Given Mortlake’s consistent ability to trade above the National Indicator, there remains potential for it to move even closer to the all-time record in the coming weeks.
Attribute content to: Stephen Bignell, MLA Manager – Market Information.
Information is correct at time of publication 13 March 2026.
