A POSITIVE lift in the number of quality cattle offered via saleyards has heightened demand and pushed the Eastern Young Cattle Indicator to a new record of 901.75 cents a kilogram (carcase weight) on Wednesday.
Meat and Livestock Australia attribute the whopping price hike to a big offering yesterday, with 15,032 young cattle sold at saleyards.
"That is an increase of 10,000 head week-on-week," MLA reported.
Improvements in throughput came mostly from south-east Queensland, with Roma and Dalby contributing 3094 and 2250 head, respectively.
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The combined totals of these two saleyards accounted for more than 30 per cent of the cattle contributing to the EYCI calculation that day.
In the south, Wagga Wagga and Dubbo contributed 1846 and 1088 head, respectively.
"Producers sensing heightened demand post Easter break looked to capitalise, however, the large increases in supply were not able to place downward pressure on price," MLA said.
"Price dominance strongly correlated with higher throughput, which helped the EYCI launch into the 900c/kg realm.
"Saleyards in south-east Queensland, the Hunter Valley, central-west NSW and the Riverina all contributed to high prices and continue to perform highly."
MLA reported a host of store cattle indicators had broken new ground, too.
The Restocker Yearling Steer Indicator hit 571/kg (liveweight), up 165 on year-ago levels, while the Feeder Yearling Steer Indicator surged to 472/kg, up 85 on year-ago levels.
"Rainfall across much of the supply area has invigorated confidence for producers looking to restock, and has combined with buyers looking to acquire as many cattle as possible to ensure production heading into winter," MLA said.
"For the week ending April 14, feedlots and restockers purchased the majority of EYCI eligible cattle at 8075 and ,597 head, respectively.
"Processors doubled quantity bought week-on-week, acquiring 1360 head."
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