Weekly cattle and sheep market wrap

03 Oct 2025

Key points

The Restocker Steer Indicator dropped below feeder steer prices, among a steady cattle market.

Mutton prices tipped $8/kg cwt, while restocker lambs made more than heavies for the first time in three years.

Both cattle and lamb slaughter eased 3% week-on-week (WoW).

Cattle market

The market remains steady, with no large swings across indicators. Cattle yardings eased 11% for 69,210 head over the week. Reductions were seen across all states, bar NSW. Queensland, Victoria, and WA all saw reductions between 12%−25%.

The Restocker Steer Indicator reduced 11¢ this week to 1,1356¢/kg liveweight (lwt), despite a significant offering ease. This dropped the indicator 15¢ below the feeder steer price which lifted 6¢ for 477¢/kg lwt. Processor cow prices continued to decline, easing 5¢ to 375¢/kg lwt, while restocker heifer prices returned slightly after last week’s dip, lifting 6¢ to 399¢/kg lwt.

Sheep market

Sheep and lamb yardings eased WoW. Lamb offerings decreased 14% to 172,335, largely driven by a near 20% reduction in NSW. Sheep yardings eased just 1% to 94,679 with a lift in Victorian mutton supply countering reductions across all other states.  

Confidence drove this week’s market with the Mutton Indicator (+29¢) and Restocker Lamb Indicator (+17¢) lifting as producers look to rebuild or remain firm going into the next season.

The National Mutton Indicator has reached 802¢/kg carcase weight (cwt) − its highest price on record and the first time the indicator has broken the $8 mark. Despite Forbes’ (NSW) Tuesday sale fetching the strongest price at 937¢/kg cwt − a 60¢ lift on the week prior − the growth in the national indicator was driven by 75¢−150¢ lifts across southern states (Tasmania, Victoria and SA).

The restocker lamb market is reflecting the on-farm pull, lifting 17¢ to 1,135¢/kg cwt, just 22¢ below the all-time record last month. WA and SA led the way, lifting 130¢ and 152¢ respectively. This is the first time the Restocker Lamb Indicator has lifted above the Heavy Lamb Indicator (1,122¢/kg cwt) since June 2022.

Slaughter

Week ending 24 September 2025

Cattle

Cattle slaughter returned slightly this week but remains in line with weekly numbers over the past two months. National cattle slaughter eased 3% for 147,019 head but remains 4% above the weekly average.

State-by-state breakdown of cattle slaughter:

NSW stable at 34,340
Queensland down 2% to 79,819
SA down 8% to 3,512
Tasmania down 5% to 3,602
Victoria down 11% to 21,957
WA up 1% to 3,789
AUS down 3% to 147,019

Sheepmeat

After last week’s cautious lift, lamb has eased 3% for 373,043 head as processors continue to battle with supply. This is down 14% on the year’s weekly average. Mutton slaughter lifted 5% for 161,014 head.

State-by-state breakdown of lamb slaughter:

NSW down 1% to 102,597
Queensland down 7% to 1,246
SA down 1% to 41,414
Tasmania down 10% to 4,689
Victoria down 8% to 172,362
WA up 16% to 50,735
AUS down 3% to 373,043

Attribute to: Erin Lukey, MLA Senior Market Information Analyst

Information correct at time of publishing on 3 October 2025

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