The seasonal peak in cattle and lamb prices has been extended for at least another week, as widespread and heavy rains in central to southern Queensland, northern NSW and Victoria and a continued slide in the Aussie dollar is providing a boost for livestock markets generally.

Meat and Livestock Australia reports the rains have lifted restocker and feeder demand and lowered supplies.

It says this has been most evident in the higher prices of young and medium weight cattle in Queensland saleyards and for sheep in Victorian yards.

Average saleyard sheep prices are now 50pc above the same time last year.

The A$ is lifting prices for Japan ox (up 4¢/kg cwt in Queensland and NSW this week), heavy export lambs (up 11¢/kg cwt) and sheep (up 2¢/kg cwt).

Saleyard cow prices also lifted 1-6¢/kg this week across the eastern states, but falls in WA and SA caused a further decline in the national indicator.

MLA says cow prices should rise further given early spring rains and a falling A$, particularly with the buoyant global market for manufacturing grade beef (led by Russian demand).

Trade and heavy lamb prices remain 40-50pc higher than last year, as old lambs are in short supply and new season lambs are yet to come on fully.