Weekly cattle and sheep market wrap in Australia

The article reports on the Australian agricultural market, focusing on the increase in cattle and sheep supply, which is expected to persist until the end of the year due to ongoing herd and flock rebuilds. Cattle yardings have risen by 35%, with a notable increase in heifer numbers, leading to softer average prices. Dubbo yardings saw a significant surge of 200%, with improved quality. The Eastern Young Cattle Indicator remained stable, but the feeder steer indicator experienced a slight decrease. Sheep yardings increased by 60% week-on-week, with lamb yardings improving by 50%, and record numbers at Wagga Wagga. However, the heavy lamb indicator softened slightly after Wagga Wagga's large yarding. Cattle and lamb slaughter numbers have slightly decreased due to flooding and wet conditions. Additionally, the article highlights the impact of wet conditions on livestock marketing, the shift in Hamilton's sale schedule, the new record price for halal beef lips, and an increase in lot feeding capacity.