THE benchmark Eastern Young Cattle Indicator has set a new record twice in the one week to currently sit at 913 cents a kilogram carcase weight.
That's a jump of just under 20c in the past week and up 156c on year-ago levels, which themselves were in record territory.
Meat & Livestock Australia analysts reported on Friday that for the first time ever, feedlot cattle made up more than 50 per cent of beef production in the first quarter of 2021. Furthermore, the majority of beef consumed domestically for the quarter was grain fed.
Increasingly, domestic brands and quality assurance programs are finishing cattle on feed, for consistency purposes, according to MLA.
These calculations highlight that the feedlot sector has provided continuity of supply for processors during a period of constrained cattle supply in Australia, MLA's Prices and Markets report said.
The previous record for grain-fed beef production was achieved in in the first quarter of 2020, when 49.2pc of all beef produced was from feedlots.
Online, prices increased for the mid-weight young steers, while the heavier end of the young heifer category registered steady price rises, AuctionsPlus reported.
Large lines of quality steers under 200kg live weight continue to be extremely tight, with only 375 head offered this week - averaging $1,011/head, AuctionsPlus' weekly report said.
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