Australian livestock producers are seeing a rare combination of heady commodity prices with wool, lamb, mutton and cattle all on the rise.

Benchmarks are at levels not seen for years, with the Eastern Young Cattle Indicator hovering about 1000c/kg carcass weight and wool’s Eastern Market Indicator close to breaking through 2000c/kg clean.

All lamb indicators are now tracking above 1100c/kg carcass weight going into winter while mutton is sitting at or near an all-time high, closing in on 900c/kg carcass weight after Monday’s sales.

Victorian Farmers Federation livestock group vice president Peter Miller has stock to sell soon, and said it was a “happy accident” they had not gone earlier.

“We were going to sell cattle about a month ago, but didn’t, and it has worked to our favour,” Mr Miller said.

“With the rain along the east coast and change of fortunes for those in northern and central NSW, it’s all changed.”

Mr Miller said the filling of the trigger beef volume to China was a concern, but believed other customers would be willing to take any excess.

“We trade in a truly global market and we don’t just depend on a couple of countries so hopefully we can find another place to send any beef that may have gone to China,” he said.

Part of the rise for lamb, mutton and wool is due to supply, with the shrinking sheep flock driving rates in this sector.

The surge in mutton prices created just a $20 gap between average lamb and sheep prices at Bendigo on Monday according to the National Livestock Reporting Service, which reported lambs averaged $284 and mutton $264, with many sheep making 850-950c/kg carcass weight in stellar returns for producers.

The wool market posted its fourth consecutive rise at auctions last week and is now tracking 65 per cent up on year-ago levels.

Wool broker Tom Simmons from AWN said growers were reacting with relief and excitement to the market levels. “There has been a remarkable turnaround in the market … many growers have moved from breaking even and questioning the viability of wool within their businesses to seeing strong returns and a level of profitability that, in some cases, matches or exceeds that of other enterprises,” Mr Simmons said.