The Weaner Steer Premium lifted to 20% last week as the market adjusted to increased turnoff, largely driven by seasonal conditions across northern NSW.
Calculated as the price differential between steers and unjoined heifers in the 250–350kg liveweight category, the premium is a key indicator of market dynamics. Elevated premiums typically signal increased supply and result from greater buyer choice.
On a quarterly basis, the Weaner Steer Premium is currently averaging 17% for Q3 2025 to date, in line with Q2. Over the past 12 months, the monthly average sits at 14%, notably above the long-term average of 8% (since 2016). This sustained elevation suggests a structural shift in buyer preference toward steers.
Steers have traditionally traded at a premium to heifers, but current levels are well above typical spreads. This is largely underpinned by feedlot demand, where steers are favoured for their ability to reach slaughter weights more efficiently.
Steers generally require less time and feed to finish, improving feedlot turnover and overall program efficiency. By comparison, heifers are typically more expensive to finish, which is reflected in their lower purchase price. Processors also tend to favour steers due to higher and more consistent carcase yields.
Conversely, during periods of tight supply or herd rebuilding, this premium typically narrows and can at times equalise.
The current lift in premium is largely a function of increased supply and buyer choice.
Last week, AuctionsPlus cattle offerings jumped 58% week-on-week, with 24,346 head offered. This was driven by a substantial uplift in the Weaner & Yearling sales, which saw 18,566 head yarded - up 79% on the previous week - and required two separate sales. Steers accounted for 50% of the offering, representing a 104% increase in steer numbers week-on-week.
More than 10,000 came from the Northern Tableland, NSW, locations such as Guyra, Armidale and Walcha, as well as NW Slopes and Plains localities of Barraba, Quirindi and Walgett.
NSW also led the purchasing activity, but into the Riverina and Central West, where seasonal conditions have been improving, further demonstrating the role AuctionsPlus plays is providing opportunities for vendors and buyers across diverse locations.
The online market absorbed the offering reasonably well. Clearance rates eased slightly to 70% (-6pp), while average prices finished $13/head above reserve at $87/head. The AuctionsPlus Young Cattle Indicator (AYCI) softened 5c to 511c/kg liveweight.
Increased throughput was not confined to online sales, with Australian saleyards recording their largest yarding of cattle of the year last week, experiencing a 15% increase despite widespread rainfall across the country.
Major indicators held up pretty well, but major price increases in recent weeks were halted.
The most notable price corrections online were seen across heifer categories with <200kg heifers down 223c to average 417c/kg, 200–280kg heifers down 37c to 438c/kg, 330–400kg heifers down 13c and 400kg+ heifers down 27c.
Despite these declines, clearance rates remained relatively strong, particularly for lighter heifers (94%), indicating solid restocker demand at adjusted price levels.
As heifer prices ease, they become a more attractive buying option, which may help rebalance demand in coming weeks.
This week’s offering has remained relatively steady, with 23,731 head to be offered in AuctionsPlus' commercial cattle sales tomorrow, including more than 18,000 in the Weaner & Yearling sales.
Similar pricing dynamics are likely to persist in the short term, with premiums continuing for steers, as well as for cattle with strong genetics and good preparation. AuctionsPlus data consistently shows that well-presented cattle with realistic reserves attract greater competition and stronger sale outcomes.
Higher turn-off activity on AuctionsPlus may also persist as vendors seek to manage uncertainty, reduce logistics/cost risk, control sale conditions, and avoiding localised downturns.
As always, seasonal conditions will continue to play a large role in what happens on sale day.
Natasha Lobban: Mar 26, 2026
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