Weekly cattle and sheep market wrap

EYCI

For the first time since March 2020, the Eastern Young Cattle Indicator (EYCI) fell below 700¢/kg carcase weight (cwt) to 699.99¢/kg cwt.

Fatigue from some buyers after the sustained high prices of 2022, the easing of restocker sentiment in southern states and the increased offerings are contributing to downward pressure on prices.

Demand in northern areas can still be found, with strong prices recorded in Roma and Dalby.

Roma made the largest contribution to the indicator this week (22%), with the highest prices at the saleyards reaching 768.46¢/kg cwt.

Ongoing restocker trends and projections can be read in this week’s article Restocker demand continues to soften.

Cattle yardings

Overall, cattle yardings have eased this week to 46,759 head.

Queensland had the largest softening in yardings – 25% week-on-week for the state. Wetter conditions in some supply areas may have held back cattle from saleyards or finished conditions.

National cattle yardings for February are still stronger year-on-year by 5% with supply increasing nationally.

Processor cow offerings increased this week with 329 head more through the indicator week-on-week with prices softening 8¢.

Roma traded just under the national average at 264.27¢/kg live weight (lwt) and Mount Gambier had the largest premium on the national average as prices held firm at the saleyard.

Sheep and lamb yardings

Sheep yardings strengthened, increasing by 19% week-on-week and lamb yardings have eased week-on-week after a continued softening in the market.

Wagga Wagga saw a lift of 24,050 sheep yardings but had a softening of 4,550 in lamb yardings. Quality offerings for mutton allowed for stronger prices.

The labour day public holiday in Victoria next week put pressure on some buyers to fill contracts last week in preparation .

Mutton Indicator prices have made a slight recovery this week, with the top six contributors to the indicator trading above the national average. Forbes had the highest prices (reaching 401.93¢/kg cwt) with a lift in numbers and mixed quality at the saleyard.

The numbers on offer are taking the pressure off processors to secure stock and so plainer types are going at a discount, with any good quality stock taking out prices in the market.

The Restocker Lamb Indicator eased 69¢ week-on-week with plenty of stock for buyers to choose from.

Wagga Wagga was trading under the national average at 546.67¢/kg cwt, with mixed quality through the saleyard. Quality variation was seen for many lighter lambs and seems to be the key factor for restocker buyer demand. 

Slaughter

The slaughter report was not published this week however the numbers will be updated next week.

Markets update

Some markets did not run this week.

Mount Gambier Sheep and SA Livestock Exchange Cattle did not go ahead due to seasonally low numbers. Blackall cattle sale did not run due to wet conditions in some supply areas, therefore reducing yardings.

Shepparton was not reported on this week.