Key points:
- Steer prices continue to converge within 12¢, with the Feeder Steer Indicator continuing to outpace the Heavy Steer Indicator.
- The sheep and lamb market prices have potentially reached its peak during the winter months.
- Weekly cattle slaughter marks the fourth largest weekly slaughter in 2024.
Cattle market
The cattle market has been generally positive with the Feeder Steer Indicator tracking above the Heavy Steer Indicator. Yardings have lifted by 4,745 to 65,947 head.
The Feeder Steer Indicator rose by 11¢ to 354¢/kg liveweight (lwt), 13¢ above the Heavy Steer Indicator. Supply has remained stable with yardings lifting by 1,414 head. At Dalby, export buyer attendance drove the market, a larger supply of young cattle was absorbed, and there was a growing interest in feeder-style cattle.
The Processor Cow Indicator lifted by 1¢ to 279¢/kg lwt, with a decent price recovery since 2023. Prices eased largely in Queensland, particularly at Roma, where cow prices did not maintain the same prices as those seen last week.
Market reports indicate there continues to be a growing demand from the US for heavyweight cows.
Sheep market
After a week of record prices in the sheep and lamb market, a market correction has occurred easing prices by 10%. Lamb yardings lifted by 10,754 to 96,426 head while sheep yardings eased by 5,589 to 219,276 head.
The Heavy Lamb Indicator eased by 85¢ to 797¢/kg carcase weight (cwt). The largest decline was seen in NSW, with a 90¢ drop. The record prices enticed sellers but discouraged export buyers from attending, combining this with fewer extra heavy lambs and plainer condition lambs', prices have subsequently eased.
The Light Lamb Indicator eased by 67¢ to 630¢/kg cwt, yardings eased by 373 to 78,425 head. NSW had the largest dip in prices compared to other states, contributing to 56% of the yardings. At Dubbo, light lambs were better supplied although quality was mixed.
Slaughter
Week ending 19 July 2024
Cattle slaughter lifted by 2,515 to 141,302 head, marking it as the fourth largest weekly slaughter in 2024. Lift in slaughter was supported by NSW of 1,606 head and an 863 head in Tasmania. Slaughter continues to track 17% above year-to-date figures and is 16% above the rolling average.
Combined sheep and slaughter eased by 38,094 to 528,142 head, contributing to reducing sheep and lamb slaughter as multiple processors are shut for maintenance. Lamb slaughter eased by 22,583 to 428,399 head, with fewer numbers processed from all states, particularly in SA and WA. During lambing season, sheep slaughter should ease with an uptick in slaughter when lambs begin to drop.
Attribute content to: Emily Tan, MLA Market Information Analyst
