Lamb, cattle prices up to 45 per cent higher than a year ago

Livestock prices are up to 45 per cent higher in comparison with 2023 rates, with stellar performances in some sectors.

Livestock prices have finished up to 45 per cent higher than a year ago in a major confidence boost for producers.

The rate increases have come as Australia is set to post record exports for beef, lamb and mutton for the calendar year.

While the benchmark Eastern Young Cattle Indicator closed at 669c/kg carcass weight, up 40 per cent, all eyes have been on the lamb market as rates with 1000c/kg carcass weight at year’s end.

The trade lamb indicator finished at 908c/kg carcass weight, up 94c/kg for the month and 285c/kg higher than 12 months ago, while the heavy lamb indicator was even more impressive at 954c/kg carcass weight, 293c/kg higher than this time last year.

Meat and Livestock Australia market information analyst Emily Tan said cattle prices had risen 20-39 per cent this year but were 1-20 per cent below the 10-year average.

Sheep and lambs go under the hammer.

Ms Tan said cattle supply had been steady all year, with weekly slaughter figures tracking at about 130,000 but lifting to 140,000 in the second half of the year.

“Slaughter in 2024 is tracking just above the 10-year average and is around 16 per cent above the five-year average,” Ms Tan said.

“Processing capacity has increased by around 20 per cent over the past four years, indicating the impact of the Pacific Australian Labour Mobility scheme and other labour schemes which have significantly grown processing capacity.”

StoneX Australian commodities and livestock manager Ripley Atkinson said the first four to five months of next year would see large numbers of cattle sold.

“The larger numbers of cattle coming forward were held back due to lack of weight or a good season encouraging retention,” Mr Atkinson said.

“Confidence is king in today’s markets, for sheep and cattle, and it will remain a key theme I’ll watch closely in 2025 as to what kind of influence it has on the direction of the market.”

Meanwhile. confidence in sheep is running high as the best drafts of lambs hit 1000c/kg carcass weight at Wagga Wagga at the final sale at the centre for the year.

Nurtien Wagga Wagga agent Ryan Burden described the sale for lambs as “red hot” even though some of the usual buyers weren’t there.

“Those buyers that were there were very keen to secure their needs,” Mr Burden said.

He said extra heavy lambs topped at $320 and this category made an estimated 900-950c/kg carcass weight, but trade lambs making $220-$260 were returned 1000c/kg or more for the best lines, as were lighter lambs in the 18-22kg carcass weight range.