The WA Livestock Research Council's Livestock Matters forum discussed the significant decrease in livestock prices in Western Australia, with market information manager Steve Bignell identifying several key factors. These include an increase in sheep numbers, record lamb slaughter numbers, capacity constraints in processing, and the impact of the El Nino weather condition. The article also highlights opportunities for the Australian red meat industry to expand in the US and north Asian markets, particularly in substituting beef with lamb and capitalizing on Australia's production of lighter lambs.