LA NINA is definitely making herself felt, keeping cattle out of saleyards and driving the benchmark Eastern Young Cattle Indicator further into record territory.
The EYCI jumped 11 cents overnight to sit this morning at 1111.53 cents per kilogram carcase weight, up 48c in four weeks and 321c above the year-ago level.
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It had already hit that record of 1111c on Friday but was pushed up again on Tuesday when restockers paid an incredible 1230c on average for EYCI-eligible cattle.
Restockers only took 34 per cent of the offering but were willing to fork out the big money, no doubt with plenty of feed in their paddocks.
The volume of EYCI cattle feedlots are snapping up jumped to 37pc.
Rabobank analyst Angus Gidley-Baird said with widespread rain in Queensland, another couple of months of very strong cattle prices was on the agenda.
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Shan Goodwin
Shan Goodwin steers ACM’s national coverage of the beef industry. Shan has worked as a journalist for 30 years, the majority of that with agricultural publications. She spent many years as The Land’s North Coast reporter and has visited beef properties and stations throughout the country and overseas. She treats all breeds equally.
Shan Goodwin steers ACM’s national coverage of the beef industry. Shan has worked as a journalist for 30 years, the majority of that with agricultural publications. She spent many years as The Land’s North Coast reporter and has visited beef properties and stations throughout the country and overseas. She treats all breeds equally.
