Australian beef production hit record levels in the first quarter (Q1) of 2026 as prices remained high as global demand tightens. Production increased 8% year-on-year for Q1, reaching 730,000 tonnes, the highest production on record for the quarter.
Production output is attributed to growth in slaughter and carcass weights driven by better pasture conditions and a high grain-fed turnoff rate. Forecasts from Meat and Livestock Australia indicate that beef production will peak at 2.9 million tonnes for 2026.
Australian beef exports and prices were at a record high, backed by strong export trade. Beef exports grew 16% in Q1 as exports to the US, China, and South Korea increased. Beef exports to China and South Korea increased significantly, triggering the safeguard quota in China and a similar trigger expected for South Korea.
Australian lamb prices have also remained high as supply tightens. Lamb numbers have been depleted by high ewe turnoff and poor seasonal conditions. Lamb and mutton production in Q1 fell 10% year-on-year to 202,000 tonnes and is forecast to increase after three strong years.
Live sheep exports have been impacted by conflict and forced re-routing to the MENA region.