In a significant move to adapt to the digital transformation in the livestock market, Meat and Livestock Australia (MLA) has introduced two innovative market indicators.
These indicators, the Online Young Cattle Indicator (OYCI) and the Online Lamb Indicator (OLI), are designed to track the online sales of cattle and lambs, reflecting the sector’s increasing shift towards digital platforms.
Stephen Bignell, MLA’s market information manager, announced these as the first publicly available indicators specifically for online livestock sales. “These online indicators offer producers a wider range of data than previously available, expanding the sales channels covered by MLA reports,” he explained.
The MLA’s National Livestock Reporting System, which already reports on over 50 physical saleyard markets, generates 16 price indicators on a daily, weekly, and fortnightly basis. These indicators are a major draw for the MLA website, accounting for about 70% of its traffic and covering roughly a quarter of all livestock transactions nationwide.
The new OYCI and OLI are structured and modelled in line with the existing indicators on the MLA website. They aim to capture cattle and lamb sales on online platforms that meet specific predefined criteria.
Bignell highlighted the steady growth in the popularity of online sales as an alternative marketing channel for livestock producers. He noted that online marketplaces experienced a significant boom during the national rebuild from 2020 to 2022. “Even as the herd and flock rebuild matures, online marketplaces continue to enjoy popularity,” he added.
This development by MLA marks a pivotal step in embracing the evolving landscape of livestock sales, offering producers enhanced tools and data to navigate the digital marketplace effectively.