Weekly cattle and sheep market wrap

While sheep and lamb yardings fell back this week, cattle yardings lifted in several states.

Cattle

National cattle yardings lifted this week thanks to drier conditions around these saleyards. Queensland yardings improved 64% week-on-week, with Dalby and Roma lifting 2,046 and 4,530 head respectively. Softer yardings last week increased the supply for these sale yards. The quality of stock varied, although demand remained strong from feeder buyers.

The feeder steer indicator held firm in Queensland, while increased supply through the indicator in NSW caused it to soften 4c week-on-week. Nationally, feeder prices have remained firm. Yearling steers moving through the indicator have increased 95% week-on-week, sitting at 89% of the makeup compared to grown steers. These are going for a 69c premium on grown steers, with the highest premium found in Naracoorte this week.

The Eastern Young Cattle Indicator throughput increased by 138% this week, softening 22c with the increased supply. Casino took out the largest premium on the national indicator, trading 258c above as the saleyard saw good restocker activity.

Sheep

Wagga Wagga yardings softened 10,000 head, with 8,000 head less lambs moving through the saleyard. Flood warnings in the area and extremely wet conditions limited the movement of stock to sale. This also limited the availability of heavy lambs at the sale, which improved prices week-on-week. The top price for an extra heavy lamb was $309.

Dubbo yardings also improved, with lamb numbers reaching 21,349 head and quality varying. Wet conditions continue to impact the finish on some lambs, but the good quality stock went for a premium price.

Strong supply of lambs and sheep in recent times is allowing buyers to be more selective for quality.

Slaughter

Lamb slaughter continues to outperform levels from the last two years maintaining numbers at 408,073 head last week. This is 21% above year-ago levels and 6% above 2020 slaughter rates. Sheep slaughter continues to rise, increasing 3.3% week-on-week to 147,281 head. This is the highest rate of sheep slaughter since the end of 2021. Much of this increase is coming out of NSW and SA.

South Australian processors have pulled back goat production in favour of sheep production as supply lifts seasonally. Victoria has also been reducing their goat slaughter numbers and prioritising sheep since August.

Cattle production remains under 2021 levels holding firm at 95,361 head this week.

Other market updates

• Ballarat is being reported on a fortnightly basis.
• Pakenham and Camperdown sales did not run this week.