Markets Signals Bright Start to 2024

Key Points:

• Both cattle and sheep markets experience an upswing.

• Positive weaner sales contribute to the buoyancy, particularly in Victoria.

• Processor demand drives robust lamb market.

As 2024 unfolds, encouraging signs emerge in both cattle and sheep markets, setting a positive tone after the Christmas break.

Cattle: The outlook for the year begins on a robust note, with cattle prices witnessing a signifcant surge in recent months. This upswing is attributed to the current phase where calves born in winter and early spring enter the market. As these calves’ transition into yearlings, the demand for weaners reaches its zenith. The restocker yearling steer indicator, refecting this trend, rises by 56¢ to 366¢/kg live weight (lwt) over the past month. The focus on weaner sales in Victoria contributes to the positive momentum in cattle prices. Market reports from the National Livestock Reporting Service (NLRS) indicate steady bidding at Wodonga, with buyers exhibiting price sensitivity. Quality also plays a role, with price premiums observed in weaned steer calves over 400kg, while calves under 280kg lwt maintain their market presence.

Sheep: The sheep market demonstrates remarkable strength, with prices nearly returning to early 2023 levels for both trade lamb and light lamb indicators. The trade lamb indicator records