THE Eastern Young Cattle Indicator (EYCI) finished at 489.25c a kilogram (carcase weight) on Wednesday, in a week where every day has seen past records broken.
After finishing last week at 476.50c/kg, the EYCI closed at 483.50 on Monday and 487.50 on Tuesday, inching ever closer to the predicted 500+ mark.
The National Australia Bank Agribusiness April Commodity in Focus report forecast the EYCI should finish 2014-15 at least 22pc higher than the average for the previous financial year.
Analysts have also tipped if widespread rain boosts production, the indicator has the potential to climb as high as 600c/kg.
However, despite making record highs, the market is still considered to be undervalued.
The main difference with the market’s current position compared to previous highs is the driving force behind young cattle prices, with feedlots, rather than restockers, dominating the trade as they snatch up available stock.
Around the week's markets
At the close of Tuesday’s markets, Meat and Livestock Australia (MLA) reported numbers at Roma Store in Queensland increased 9pc, to 9816 head. With additional feedlot attendance, prices mostly lifted, MLA said.
The cow offering was plainer, with greater consignments from central and northwestern Queensland. Light (200-280kg) C2 restocker yearling steers were steady, averaging 263c and selling to a top of 290c, while the medium weight C3 lines to feed on jumped 16c, averaging 267c/kg.
Light D2 yearling heifers sold to reduced restocker demand and eased 8c, averaging 218c, while the medium D3 portion to feeder buyers gained 15c, averaging 229c/kg. Medium D3 cows to slaughter eased 4c, averaging 176c/kg.
Throughput at CTLX in Carcoar, NSW, was similar at 4210 head, and all the usual buyers operated in a dearer market. Quality varied throughout the sale but there were good numbers of well finished cattle on offer. Medium C2 yearling steers to feeder buyers improved 1c, averaging 282c, while heavy C3 yearling heifers to the trade gained 6c, averaging 280c and selling to a top of 305c/kg. Heavy C3 grown steers to slaughter jumped 26c, averaging 284c, and heavy D4 cows gained 4c, averaging 208c/kg.
Consignments to NVLX Barnawatha in Victoria jumped 66pc, to 2660 head, but quality slipped, with young trade cattle and finished grown steers and bullocks in short supply.
The secondary cattle were well supplied and sold to strong feeder and restocker demand. Medium C2 yearling feeder steers eased 7c, averaging 268c, but the heavier portion to the same orders gained 5c, averaging 284c/kg. Medium C2 yearling heifers, also to feeder buyers, eased 4c, averaging 259c/kg. Heavy C3 grown steers to slaughter gained 5c week-on-week, averaging 292c and selling to a top of 313c/kg.