MARKET UPDATES
BEEF
Beef cattle slaughter has increased by 11% from the second quarter and 23% from the third quarter of last year. This is mainly due to a rise in the number of grass-fed cattle being slaughtered. This is the first time since 2015 that grass-fed cattle have made up the largest part of total slaughter.
LAMB
Lamb slaughter has increased by 9% from the last quarter and 20% from the third quarter of 2022, reaching a record high of 6.58 million. Lamb production is staying strong, especially in Victoria, which has seen the highest growth. Australia has recently become the world’s largest sheep meat exporter, showing the global popularity of Australian sheep meat. Domestic consumption of lamb has risen 12% from last year and is the highest it’s been since 2016.
PORK
By the end of 2023, pig production is expected to decrease, with about 8,000 fewer pigs available each week for processing in November. Australian whole pig exports to Singapore have significantly increased due to a disease outbreak that depleted their stock. t.
POULTRY
Chicken processors predict that supply will decrease, while demand for wings and thighs is increasing.
BEEF
Beef cattle slaughter has increased by 11% from the second quarter and 23% from the third quarter of last year. This is mainly due to a rise in the number of grass-fed cattle being slaughtered. This is the first time since 2015 that grass-fed cattle have made up the largest part of total slaughter.
There’s also been a change in the type of cattle being bought. There’s been a shift from restocker yearlings (steers between 200 – 400kgs and under 12 months old) to feeder steers (yearling steers over 220kg or steers under 600kg). This trend was last seen from early 2020 to mid-2022, when the country was recovering from a drought, which increased the demand for restocker yearlings.
Australia’s cattle herd is currently at 28.7 million, the highest it’s been since 2014. However, the difference between restocker yearling and feeder steer is getting smaller, which could mean that the rebuilding of the herd might end in the next few months.
Domestic beef consumption has gone up by 7% over the last quarter. The volume of the domestic market tends to be more consistent than export volumes. This means that so far in 2023, Australians have consumed more beef than any year since 2018.
LAMB
Lamb slaughter has increased by 9% from the last quarter and 20% from the third quarter of 2022, reaching a record high of 6.58 million.
Lamb production is staying strong, especially in Victoria, which has seen the highest growth.
Australia has recently become the world’s largest sheep meat exporter, showing the global popularity of Australian sheep meat.
Domestic consumption of lamb has risen 12% from last year and is the highest it’s been since 2016.
PORK
By the end of 2023, pig production is expected to decrease, with about 8,000 fewer pigs available each week for processing in November.
Australian whole pig exports to Singapore have significantly increased due to a disease outbreak that depleted their stock.
In Australia, many large piggeries are reducing their stock to improve their health status, while some smaller operations are stopping completely due to high production costs.
As a result, pig prices are much higher and are not expected to decrease before Christmas.
POULTRY
Chicken processors predict that supply will decrease, while demand for wings and thighs is increasing.
The industry is facing ongoing challenges, such as staff shortages and rising costs of feed and fuel.