With northern restockers spurred by rain and finished cattle in short supply, the Eastern Young Cattle Indicator has (EYCI) reached its highest level since April.
The heavy steer indicator in the east finished Monday at 290.30 cents a kilogram, a slight dip of 0.40c/kg on the previous week, but trading close to 15c/kg above year-ago levels.
Cows and feeder steers had the biggest rally after the EYCI last week, lifting 11.10c/kg and 12.50c/kg respectively, which brought the eastern states medium cow indicator 1.60c/kg above where it was this time last year, to 219.10c/kg.
The rain divide remains obvious in Victoria, with central and western yards such as Ballarat and Shepparton quoting general rises across the market of 10 to 20c/kg, but Gippsland offerings having more mixed results and selling firm to slightly cheaper.
According to Meat and Livestock Australia (MLA), EYCI eligible stock received the least demand in Victoria when compared to the other eastern states in recent weeks, driven by restockers paying 57c/kg less than lotfeeders and 63c/kg less the processors. This put Victorian EYCI cattle at a 37c/kg carcase weight discount from Queensland, and 29c/kg below NSW.
The National Livestock Reporting Service said prices rallied at Wagga Wagga, NSW, on Monday as “southern buyers were unable to match the buying power from Queensland and northern NSW”.
This resulted in averages lifting as much as 44c/kg for young cattle, and 50c/kg for cows, with feeder steers 6-13c/kg higher and stores up 13-40c/kg.
Price trends were similar further into NSW, with all categories rising 5-25c/kg at Dubbo, and restocking support being particularly strong in the north, with the NLRS quoting light weight steers improving by up to 100c/kg at Tamworth, and feeder and trade cattle also lifting.
MLA said EYCI throughput at NSW saleyards dipped 60 per cent from September to October, more than half of which were purchased by lotfeeders, who were willing to pay 14c/kg more than processors and 18c/kg above restocker rates.
Queensland had the biggest change in over-the-hook prices last week, with yearlings up 6c/kg and grown cattle up 5c/kg.
This is to keep pace with restockers who were purchasing about 50pc of cattle from saleyards by mid-October, still paying less than lotfeeders but up 26c/kg more than processors, according to MLA. The South Australia Livestock Exchange also experienced a lift, with medium weight yearling steers up 50c/kg, and medium weight vealers up 30c/kg.
Jamie-Lee Oldfield
Livestock editor for The Land.
Livestock editor for The Land.
