Weekly cattle and sheep market wrap

23 Oct 2026

Key points

Widespread rainfall across Queensland and northern NSW encouraged producers to retain stock, contributing to lower cattle yardings.

The Processor Cow Indicator exceeded 400¢/kg liveweight for the first time on record.

Sheep and lamb indicators remained mixed but generally firm.

Widespread rainfall fell across Queensland and northern NSW this week, with many areas recording 50-100mm. Rainfall became lighter and more scattered further south from Tamworth.

The rain supported cattle, sheep and lamb markets and gave producers greater confidence to retain stock. The rain however arrived at a challenging time for grain growers, threatening crop quality during the harvest period.

The Processor Cow Indicator reached a record high, while sheep and lamb indicators remained mostly firm.

Cattle market

National cattle yardings continued to trend lower as rainfall encouraged producers to hold stock. Yardings fell 7% week-on-week to 54,254 head, with all Queensland saleyards reporting tighter supply due to rain. The Blackall sale was cancelled.

The Restocker Yearling Heifer Indicator lifted 2.5% to 468¢/kg liveweight (lwt) across an offering of 2,551 head. Queensland accounted for 76% of the national offering.

The Processor Cow Indicator reached a record high this week, exceeding 400¢/kg lwt for the first time on record, across an offering of 7,166 head.

Supply was relatively evenly distributed, with New South Wales accounting for 42% of the offering, Victoria 23%, Queensland 20% and South Australia 12%.

Queensland saleyards averaged 384¢/kg lwt, while southern yards Mortlake and Wodonga made the highest averages at 418¢/kg lwt.

Sheep market

National lamb yardings remained steady at 194,802 head, while sheep yardings increased 8.6% to 80,548 head.

Indicators were mixed, ranging from a 0.5% decline in the Restocker Lamb Indicator to a 4% rise in the Merino Lamb Indicator. Processor and export-focused categories remained firm.

The Restocker Lamb Indicator finished the week at 1,189¢/kg carcase weight (cwt) across an offering of 41,061.

Wagga Wagga accounted for 10% of the national offering, and the report noted a decline in overall quality, with most lambs selling into a softer market. Competition remained strong for the limited number of better-conditioned pens.

Southern saleyards contributed a larger share of the offering than in recent weeks. Naracoorte and Ballarat accounted for 21% and 14% of the national offering respectively, with both centres reporting improved quality and higher yardings week-on-week.

The Heavy Lamb Indicator lifted 0.8% to 1,128¢/kg cwt across an offering of 31,448 head. Heavy lamb numbers have continued to build over the past month, with the indicator rising 3.5% over the same period.

Slaughter

Week ending 16 October 2026

Cattle

National cattle slaughter increased 18% week-on-week to 147,660 head.

State-by-state cattle slaughter (YoY):

NSW: down 2% to 34,463 head

Queensland: down 3% to 78,504 head

SA: up 1% to 3,838 head

Tasmania: up 1% to 4,451 head

Victoria: down 10% to 22,581 head

WA: up 7% to 3,823 head.

Sheep

National lamb slaughter increased 13% week-on-week to 404,772 head. Much of the increase was driven by NSW, where a major processor resumed operations following a maintenance shutdown. National sheep slaughter increased 21% week-on-week to 163,041 head.

State-by-state lamb slaughter (YoY):

NSW: up 53% to 106,078 head

Queensland: down 23% to 1,007 head

SA: down 15% to 35,737 head

Tasmania: up 5% to 8,036 head

Victoria: down 1% to 199,823 head

WA: up 7% to 54,091 head.

Attribute content to: Alex Fry, MLA Market Information Analyst

Information is correct at time of publication on 23 October 2026

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