Comparing pigs, cattle and sheep

Gross margins let you compare enterprises. But you have to compare them fairly, and pigs, cattle and sheep don't fit the same measures.

Cattle and sheep: use per DSE

Cattle and sheep both turn pasture into money. Feed is usually what limits how many you can run. So gross margin per DSE is the fairest way to compare them on the same country.

Here are some NSW DPIRD figures to show the range. The June 2026 beef summary gives inland weaners at $62.92 per DSE and steers grown out to feedlot weights at $76.89 per DSE. The 2025 first-cross ewe budget gives $53.72 per DSE.

These are budgets built on set prices and set assumptions. They show how to compare, not which enterprise will win on your farm.

Take care in dry country

NSW DPI warns that in drought or on dry country, comparing livestock on a DSE basis may be inaccurate. Sheep and goats can forage better than cattle in dry times. Cattle and sheep also graze in different ways and pick different plants. So a per DSE comparison is a starting point, not the final answer.

Pigs: a different yardstick

A piggery doesn't graze. The pigs eat bought or home-grown grain in sheds. So per DSE and per hectare don't tell you much.

For pigs, compare:

• gross margin per sow per year
• margin over feed per kg of carcase, which is the price less the feed cost for each kilogram
• the return on the money tied up in sheds and stock.

When we checked in October 2026, the NSW DPIRD livestock budget page listed beef and sheep budgets but none for pigs. So piggeries need to build their own from herd records. Our piggery budget guide shows how.

Comparing across all three

If you're thinking of adding pigs to a grazing farm, or the other way round, a gross margin alone won't settle it. The two use very different resources: capital, labour, power and grain versus land and pasture. DPI says gross margins should be compared mainly between enterprises that use similar resources. Lesson 5 covers what else to weigh up.

Try the cattle trading margin calculator, the sheep gross margin calculator or the piggery feed margin calculator.