In Mac OS X Server v10.6, the Software Update service may not be able to download the catalog or update files from Apple’s public Software Update servers if your server is behind a HTTP proxy.
If your server is behind a HTTP proxy server and Server Admin does not list any available updates, check the /var/log/swupd/swupd_syncd.log for the following messages:

server.example.com swupd_syncd[31893] <Info>: ========== Sync Started ==========
server.example.com swupd_syncd[31893] <Error>: Unable to retrieve catalog(s) from the Apple server
server.example.com swupd_syncd[31893] <Info>: Sync Complete

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