Livestock prices weakened have this week, led by export cattle and lambs, according to Meat and Livestock Australia, as increased spring yardings and mixed stock quality pushed prices down from their annual August/September peaks.

MLA reports that nationally cattle yardings surged 18pc this week, to be 23pc higher than last year, as the seasonal rise was boosted by producers chasing current high prices and hotter conditions extending the drought in the south-east.

With grown steer numbers up 30pc this week, the national Japan ox indicator fell 2.5pc.

MLA says export processors would also have had an eye to the Aussie dollar, which lifted 5pc this week.

This also helps explain the 5pc fall in the national cow price indicator.

However, MLA says Japan ox and cow prices are still 17pc and 25pc above a year ago, respectively.

Trade, heavy and light lamb prices all declined by around 10pc this week, as the spring flush of new season lambs is now in full swing – making up 70pc of yardings.

However, MLA reports that the seasonal price decline has been later this year, with values still commonly around 40pc higher than last year, even after this week's decline.

Mutton sheep values also fell 4pc this week on larger numbers and the rise of the Australian dollar, but remain 135pc higher than the same time last year.