Cattle
May total yardings for cattle are up 51% from May 2022 with continued supply from the herd rebuild. The total yarding of 247,232 head is the highest monthly total since March 2020, when there was still some carryover supply in the north from the drought.
Throughput through the indicators has been consistently high since the April public holidays, which is placing some pricing pressure on the market. Some reports noted the absence of notable buyers which is further reducing demand pressure, especially at some of the larger markets.
This is being reflected in the processor cow indicator which has come back 12¢ week-on-week and 26% since 18 April. Feeder prices are seeing a similar trend, with prices easing 13% in the same period.
As noted in previous weeks, the continued supply and consistently filled kill floor space at processors is impacting prices at the saleyards. These factors are increasing the impact of quality and finish on the market with premiums being paid for stock with weight.
Drier conditions in south-east Queensland could also be having some impact on restocker demand and pasture quality.
Sheep and lambs
The heavy lamb indicator eased 33¢ to 627.27¢/kg carcase weight (cwt) this week despite a 17% softening in throughput. Wagga Wagga, which contributed 37% of throughput in the indicator, eased 22¢ for heavy lambs. Numbers at the sale lifted a little but quality was mixed. Not all the key buyers were present, with weight determining the export market sales.
The trade lamb indicator eased significantly in price this week, softening by 72¢ with a 15% reduction in throughput.
The absence of notable trade and export buyers at some sales is playing its part in softening the market. Reduced throughput could be due to producers holding on to stock for joining. Easing restocker demand is also contributing to dampened prices.
Slaughter
Cattle slaughter has come back from the highs of last week to 116,534 head. This is still at elevated levels when compared to 2022, up 20% year-on-year.
Sheep slaughter has also come back week-on-week but lamb slaughter picked up. The prioritisation of kill floor space between mutton and lamb is at play. Combined sheep and lamb slaughter is still 25% above 2022 levels and 42% above 2021 numbers.
Goat slaughter has eased in the last few weeks following the seasonal decline in previous years but still 100% above year-ago levels.
Market updates
Some improvements to our online dashboards are being implemented, with physical sale reports back to 2005 now available on MLA’s Prices & Markets page.
From Monday 5 June, indicators will be live and updated after each sale. Due to this, end of day reports will no longer occur.