Australian Cattle Market Report (Week Ending 28 July 2025)

Overview

The Australian cattle market continued its upward trajectory in the seven days to Monday, 28 July 2025. All major categories – feeder steers, heavy steers, cows, bulls, and vealers – saw price increases both week-on-week and compared to last month and the same week last year. National average saleyard prices for live weight (¢/kg) are at their highest levels since 2022. Producer confidence remains strong, buoyed by tight supply of finished cattle and robust processor demand.

Below is a detailed breakdown by category, including liveweight prices, total head sale values, and percentage changes (vs last week, last month, and year-on-year) for national and regional markets.

Feeder Steers (Yearling Steers for Feedlot)

National Price

The National Feeder Steer Indicator climbed to 426¢/kg liveweight (lwt) in the week ending 28 July. This is a +1.7% rise on the previous week (419¢) and about +6.5% higher than a month ago (~400¢). Year-on-year, feeder steer prices are up roughly +17% (from ~365¢ in the same week of 2024). In dollar terms, a representative 400 kg feeder steer now brings around $1,700/head, up from approximately $1,600 a month ago and $1,450–$1,500 a year ago.

Regional Averages

Feeder steer prices strengthened in all eastern states. Queensland (QLD) led earlier gains – a strong Roma market saw feeder steers jump 35¢ mid-month to about 414¢/kg. QLD feeder steers are now holding around the low-to-mid 400s ¢/kg. New South Wales (NSW) saw a late-month surge: the national price lift this week was driven by NSW prices jumping ~25¢ after rain tightened supply. At Wagga (NSW) on 28 July, heavy feeder steers topped at 465¢/kg, with medium-weight (330–400kg) feeder steers commonly 440–504¢/kg following a 20¢ rise for lighter weights. Victoria (VIC) feeder steer values also lifted (up ~11¢ on the week), averaging in the low 400s (¢/kg). Southern markets had slightly lower averages than the peaks seen in the north, but still improved due to stronger lotfeeder competition.

Market Drivers

Tightening supply of well-bred yearling steers and strong feedlot demand underpinned these gains. Processors and lotfeeders competed keenly for feeder cattle as heavy slaughter stock became scarce in the south. Notably, Angus steers commanded a premium – for example, at Roma an Angus-cross line averaged 444¢/kg at 331kg ($1,469/hd), with best pens reaching 450¢ for 337kg ($1,515/hd). Even crossbred “flatback” feeders in Queensland are now around $3.70–$3.80/kg, encouraging some producers to hold steers for finishing on grass rather than selling too early. Overall, feeder steer prices are about 16–17% higher than the same time last year, a reflection of improved seasonal conditions and optimism for finished cattle prices.

Heavy Steers (Finished Steers for Processing)

National Price

The National Heavy Steer Indicator is approximately 380¢/kg lwt to end of July – a continued rise. In the prior week it was 369¢, so roughly +3% week-on-week. This marks an increase of about +8–9% from a month ago (when heavy steers dipped near 350¢ during a supply flush) and roughly +10% higher year-on-year (mid-2024 heavy steers averaged in the 340–350¢ range). At ~600 kg live weight, the current average heavy steer is worth on the order of $2,200–$2,300 per head, up a few hundred dollars from a year ago.

Regional Highlights

Southern Australia is seeing particularly strong premiums for heavy slaughter steers due to scarce supply. In NSW and VIC, well-finished grain-assisted bullocks have drawn $3.80–$4.20/kg lwt at auction. For instance, at Wagga on 28 July, export-weight steers (400–500+kg) sold from 432¢ up to 465¢/kg for the limited pens that met processor specs. Southern processors, unable to find enough finished stock locally, have ventured north – one southern QLD meatworks reportedly bid the equivalent of 740¢/kg dressed weight (≈ $7.40/kg dw) for heavy bullocks delivered from Queensland (about $4.00+ per kg live). Queensland heavy steers are also rising but remain a touch lower than southern peaks – at Roma’s store sale, grown steers 500–600kg made up to 436¢ to processors, and bullocks 600kg+ topped at 374¢. These northern heavy steer rates (mid- to high-300s) are 10–15¢ higher than a month ago, supported by southern buying.

Comparative Trend

The heavy steer indicator had lagged behind feeders earlier, but the gap is closing. In mid-July it jumped 58¢ in one week to 369¢ as supply tightened, and it continues to “catch up.” Heavy steer prices are now at their strongest since late 2022. They remain about 40–50¢/kg (lwt) cheaper than feeder steers on average, but this margin has narrowed from ~100¢ discounts seen earlier in the year. Compared to last year, heavy steers are roughly 8–10% dearer, reflecting the current demand to keep slaughter numbers high despite record beef production.

Cows (Processor/Manufacturing Cows)

National Price

Cow prices have shown one of the sharpest rises. The Processor Cow Indicator finished the period at 328¢/kg lwt, up +14¢ (4.5%) for the week and about +9% higher than a month ago (when it hovered near 300¢). Year-on-year, processor cows are nearly +17–20% higher – this time in 2024 the indicator was around 270–280¢ after winter rain, whereas now it’s well above $3.00. A heavy cow (550–600kg) at current rates brings roughly $1,800–$2,000/head, compared to ~$1,500 a year ago.

Regional Highlights

Southern markets led the cow rally. NSW and VIC saw dramatic gains – this week NSW cow prices jumped +24¢ and VIC +23¢. At Wagga, heavy beef cows were “keenly sought after” and leapt ~50¢ on average, ranging from 400¢ to 440¢/kg lwt for top-quality heavy cows. This is an exceptional live price for cows (some heavyweight cows made well over $2.5k per head at those rates). By contrast, plainer-conditioned light cows saw limited competition, e.g. lean cows <520kg were back at 290–390¢. Queensland cow prices also rose, albeit from lower levels – at Roma, the 3-score medium cows averaged 343¢ and heavy cows topped 372¢/kg, with southern processors entering the market there as well. Many Queensland cows (leaner types) still sold in the low 300¢ range to restockers or processors, but even these were dearer than a month ago by 20–30¢.

Supply & Demand

The cow market is very demand-driven. An influx of southern and export processor orders (chasing lean manufacturing beef) coincided with a seasonal drop in cow turnoff. The result was the highest cow prices in almost three years – in fact, late July’s 328¢ national price is the highest since November 2022. Processors’ strong appetite for cows (for both export beef and to fill domestic orders) has outpaced supply; even dairy cull cows have risen sharply and are nearly on par with beef cows. Many abattoirs worry about cow supply tightening further from August to October. Year-on-year, the national cow indicator is up approximately +50–60¢ (a ~20% jump). The robust cow prices underscore the global demand for lean beef and the competition among processors to secure slaughter stock in a rebuilding herd phase.

Bulls (Mature Bulls for Slaughter)

National Price

Heavy slaughter bull prices have also firmed, though they are the lowest of the major categories on a ¢/kg basis. This week, heavy bulls (over 600kg) are averaging around 320–330¢/kg lwt in eastern states, roughly 3% higher than last week and ~6–7% above last month. Year-on-year, bull prices are up about +10% (e.g. around 300¢ in late July 2024 to ~330¢ now). A 700 kg mature bull at current rates would fetch on the order of $2,300 (live).

Regional Highlights

Queensland is a major supplier of bulls for processing, and at Roma heavy bulls made up to 327¢/kg (for 600kg+ bulls). This was stronger than earlier sales and up about 15–20¢ from a few weeks prior. Southern Australia sees fewer bulls in saleyards, but those that are offered (often dairy or surplus beef bulls) are benefitting from the same manufacturing beef demand – recent VIC sales saw heavy bulls commonly in the low 300s (¢/kg). For example, WA’s Muchea market reported export bulls making 305–336¢ for grown weights, similar to east coast levels.

Trends

Bull prices tend to be volatile due to low numbers, but the trend is upward alongside cows. With North American demand for lean grinding beef remaining strong, processors are absorbing bulls readily. The current ~$3.20–$3.30/kg live price is well above the lows of 2023 (when bulls dipped under $3). Compared to last year’s winter, heavy bulls are roughly 30¢/kg dearer, though in percentage terms (+10%) the rise is smaller than that seen for cows. Industry reports suggest bull supplies have been ample (large kills earlier in the year), which has tempered price jumps. Nonetheless, like other categories, bull values are at their highest point in a few years amid the broad cattle market upswing.

Vealers (Light Calves and Yearlings)

National Price

“Vealer” cattle – young calves or light yearling steers/heifers typically <330kg – have maintained strong prices, riding the coattails of restocker and feedlot demand. Quality vealer steers are averaging around 400¢/kg lwt nationally (estimate based on MLA young cattle indexes and market reports). This represents a ~5% lift on the prior week and roughly +11% vs a month ago (when young cattle prices briefly eased during large winter yardings). Year-on-year, vealer-type cattle are approximately +15% higher in price; in mid-2024 many well-bred vealers were making ~350¢, whereas now 400¢ is common, with top sales well above that. In dollar terms, a 280kg weaner calf at 400¢ is about $1,120/head (up from ~$970 a year ago).

Market Highlights

Southern weaners: Late-season suckers and well-finished vealer calves are commanding premium prices from restockers and butchers. At a Victorian sale in late July, the best heavy European-cross vealer steers made ≈445¢/kg. At the Shepparton market, for example, top vealers around 350kg sold at 508.6¢ (the highest being three vealer steers at that price) – illustrating the exceptional peaks for quality young stock. NSW saw similar strength; new-season vealers are just starting to appear in the north, and restockers have been paying over 450¢ for light steer calves in areas with feed. Notably, at Wagga, lightweight feeder steers (330–400kg) – effectively yearling/vealer crossover cattle – hit 504¢/kg on the top end.

Queensland supplies many weaner cattle earlier in the season; by late July, northern weaner prices had steadied but remained high. Roma’s sale mid-month saw Angus-cross weaner steers to 470¢/kg, and most good lines of 200–280kg steers averaged 420–425¢, indicating restocker demand was still confident.

Trend Analysis

Vealer and young cattle prices have climbed as producers with feed compete to restock and background cattle for the now-expensive feeder market. The Eastern Young Cattle Indicator (EYCI) – which includes vealers – rose to 772¢/kg carcass weight by July 25 (up 59¢ month-on-month), equivalent to roughly 430¢/kg live. However, the pace of gains for very light cattle has started to slow seasonally. With winter frosts limiting pasture in many regions and replacement cattle costs up over $1/kg liveweight from earlier in the year, some restockers have pulled back. Indeed, the restocker yearling steer indicator (covering 200–400kg steers to farm buyers) is around 360¢ – up on the month, but still slightly below feeder prices. This suggests buyers are cautious about pushing young cattle too high relative to their eventual sale value. Still, compared to a year ago, young cattle values are significantly higher, reflecting improved rainfall in some areas and optimism that today’s calves will turn into tomorrow’s pricey feeders or prime stock. Vealers remain a bright spot, achieving strong per-head returns – e.g. a 250kg vealer at 450¢ is over $1,100, whereas last year that might have been ~$900 – rewarding those sellers who held onto calves.

Comparative Summary

All categories recorded price increases across all comparison periods, but the scale varies:

• Week-on-Week: Cattle prices were green across the board. Cows led the weekly rise (+4–5%), followed by heavy steers (~+3%) and vealers (~+5%), while feeder steers and bulls were up more modestly (~+1–3%). These weekly gains were driven by sudden supply tightening (due to rain and saleyard closures) and strong buying as outlined above. Notably, the week saw all national indicators push above the $3/kg mark liveweight for the first time in three years.
• Month-on-Month: Compared to late June, cows and heavy steers are up the most (around +8–10% in price). Feeder steers and vealers are 6–11% higher than a month ago, while bulls rose around +6–7%. In late June the market was just beginning to rally; July’s rain events and sustained export demand have since lifted all categories. This broad ~+9% combined monthly rise across cattle indicators was highlighted by MLA as an extremely positive mid-winter outcome.
• Year-on-Year: Prices are substantially higher than the same week in 2024 for every category. Processor cows have seen one of the largest annual jumps – roughly +17–20% higher, a testament to surging lean beef demand. Vealers and feeder steers are up about 15–17% YOY, reflecting improved seasonal conditions and restocker confidence. Heavy steers and bulls show slightly smaller annual lifts (around +8–10%), as their prices in mid-2024 had already started recovering from the 2023 downturn. Still, the convergence of steer prices is notable – last year feeders far outpriced heavy steers, whereas now the gap is much narrower. In summary, the national cattle market is considerably dearer than a year ago, with all categories performing at their best levels since late 2022. This indicates a return of pricing strength driven by tighter supply and robust demand, both domestic and export.

Outlook

Going forward, the market tone remains firm. The current winter pattern – strong slaughter cattle prices and easing restocker momentum – is expected to persist until spring, when pasture growth (or lack thereof) will determine if restocker activity rebounds. For now, processors’ need for throughput is keeping heavy steer and cow prices elevated, while feedlots continue to pay premiums for quality feeder cattle to meet export contracts. If seasonal conditions improve, young cattle could see another kick up; if not, prices may consolidate at these high levels. Overall, Australian cattle prices are markedly up on all time scales, underscoring a robust market underpinned by tight supply and strong buying – a positive sign for producers compared to the softer prices of the previous year. The coming weeks will reveal if this rally sustains as spring approaches, but confidence in the industry is clearly on the rise.

Sources

• Market indicators and analysis from Meat & Livestock Australia (MLA)
• National Livestock Reporting Service saleyard reports (Roma, Wagga) via Beef Central
• Industry commentary from Elders and MLA news updates
• All prices quoted are in Australian dollars per kilogram liveweight unless otherwise specified.

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