Australian Lamb Prices Lift as Supply Tightens
Cattle Prices Ease While Lamb Strengthens in Australian Market
Australian cattle markets softened in the week to 23 January, with all major indicators easing except restocker steers, while lamb prices strengthened as reduced supply met firm buyer demand.
According to the latest weekly wrap from Meat & Livestock Australia (MLA), the Restocker Yearling Steer Indicator continued to firm as demand for grass-ready cattle remained strong early in 2026. Yardings lifted week-on-week, but competition for suitable steers persisted.
In contrast, the National Processor Cow Indicator fell 10¢ to 372¢/kg liveweight, reflecting a decline in quality and increased female turn-off. Southern New South Wales producers were reported to be offloading cows with calves amid tightening feed conditions.
Sheep market
Lamb prices rose, supported by lower yardings ahead of the Australia Day public holiday. The Trade Lamb Indicator increased 30¢ to 1,085¢/kg carcase weight, driven by strong competition for well-finished lambs. Trade lamb throughput fell by more than 6,400 head week-on-week.
Mutton prices softened slightly, with the Mutton Indicator down 1¢ to 749¢/kg cwt, as buyer numbers eased despite higher supply.
Slaughter trends
National cattle slaughter rose to 138,344 head, as processors returned to full capacity following the New Year shutdown. All states recorded week-on-week increases except Queensland, where flooding disrupted operations and throughput fell 4% year-on-year.
Sheep and lamb slaughter continued to trend lower year-on-year, with national sheepmeat throughput down 14%. The decline reflects both producer retention and reduced availability following heavy destocking earlier in 2025.
MLA said the data points to ongoing supply tightness, particularly in sheepmeat, while cattle markets remain sensitive to seasonal conditions and feed availability.
Source: Meat & Livestock Australia | 23 January 2026
Attribution: Emiliano Diaz, MLA Senior Market Information Analyst