On The Land
19 March, 2025
Record beef production
AUSTRALIAN beef production hit a record 2.57 million tonnes in 2024 – 1% higher than the previous record seen in 2014, according to a new research report by agribusiness banking specialist Rabobank.
Despite these record production volumes though, Australian cattle prices have remained steady, with the agribusiness banking specialist forecasting a stable outlook for prices ahead, with some potential “upside” through the first half of 2025.
Quarterly report lead author, RaboResearch senior animal proteins analyst, Angus Gidley-Baird, said production volumes in quarter one and the rest of 2025 were expected to be similar to 2024.
The report says weekly Australian cattle slaughter numbers for the first six weeks of 2025 have continued at the same rate they ended last year and are up 17% on the same period in 2024.
The report noted that while Australian beef production volumes had reached a record in 2024, actual slaughter numbers were down an estimated 10% on the 2014 record. This was due to higher slaughter weights (an average of 310kg) in 2024.
“Despite record production volumes, Australian cattle prices remain steady,” ” Mr Gidley-Baird said.
The report said that in the last six months of 2024, most Australian cattle prices traded within 10% of the average, making it one of the more stable periods in recent years.
Mr Gidley-Baird said generally favourable seasonal conditions across many Australian beef-production regions had maintained producer confidence.
“This was reflected in strong buying activity in early-year weaner sales and the strong US market is also supporting demand for Australian exports,” he said.
RaboResearch calculations indicate export volumes to the US in 2024 – which were up 60% on the previous year – almost equalled the volumes consumed in the Australian domestic market.
“Imported lean Australian trim prices averaged 26% higher in the first six weeks of 2025 than they did in 2024 indicating that the US demand remains and will potentially drive prices higher in 2025,” Mr Gidley-Baird said.
“With favourable seasonal conditions and improving US demand for imports, we believe Australian cattle prices will remain steady with some upside through the first half of 2025, although US tariff activity does create some uncertainty.”
