TL;DR: This week, cattle markets showed mixed results, while sheep indicators increased due to lot feeder and restocker activity. Slaughter numbers dropped significantly due to the ANZAC holiday but are expected to normalise next week.
Cattle Market Overview
The cattle market mostly showed positive trends this week, although some indicators noted a slight decline. The Restocker Yearling Steer Indicator and Feeder Steer Indicator both dropped by 5 cents. Total yardings increased significantly, up by 19,668 to 58,524 head, marking a 29% rise.
The Heavy Steer Indicator saw a notable increase, rising by 21 cents to 292 cents per kg liveweight (lwt). This was amidst a slight increase in yardings for this category, up by 338 to 1,370 head. The presence of more export buyers at the sale yards did not fully counterbalance the mixed quality and limited availability of export-ready cattle.
Conversely, the Restocker Yearling Steer decreased slightly by 0.5 cents to 331 cents/kg lwt. Prices varied regionally, showing increases in New South Wales and Victoria but a decline in Queensland. Interest in yearling steers and heifers returning to paddocks grew, although lighter cattle sold at lower prices compared to their heavier counterparts.
Sheep Market Trends
The sheep market concluded the week on a high note, with all indicators pointing upwards. This uplift was supported by increased activity from lot feeders and restockers, coupled with favourable rainfall. Lamb yardings saw a substantial increase of 78%, reaching 279,833 head, while sheep yardings rose by 35%.
The Heavy Lamb Indicator increased by 5 cents to 683 cents/kg carcass weight (cwt), with yardings for this group rising by 19,778 to 39,641 head. Although export buyers showed renewed interest in heavier lambs, the fluctuating competition only led to a modest price improvement.
Meanwhile, the Light Lamb Indicator jumped by 40 cents to 560 cents/kg cwt, greatly influenced by demand in Wagga which contributed 15% to the overall indicator. The price surge is attributed to processors needing bagged lamb for markets in the Middle East as these regions reopen.
Slaughter Figures
Ending the week of 26 April 2024, cattle slaughter figures fell by 25,262 to 109,213 head, a 19% decrease across all states, largely due to the ANZAC public holiday. Normal slaughtering levels are expected to resume next week.
In contrast, lamb and sheep slaughter numbers declined by 124,431 to 567,978 head, primarily due to a substantial drop in lamb slaughter, particularly in Victoria and New South Wales.
