RAIN, and the prospect of more to come over summer, has sent the benchmark Eastern Young Cattle Indicator skyward yet again.
Yesterday's cattle market action took the EYCI to a new record height of 1095.79 cents a kilogram carcase weight.
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It has jumped 34c in the past week and sits 266c above the year-ago level.
Queensland's Roma saleyard was instrumental in the result, with just under 2000 EYCI-eligible head of cattle averaging a whopping 1229.87c.
While feedlot buyers yesterday accounted for 53 per cent of EYCI cattle purchases, restockers still set the price bar, paying an average 1218c, compared to feedlots paying 1032 and processors paying rates down in the 900s.
Agents say all indications are the tight supply, and red hot demand due to good feed in paddocks, point to young cattle prices holding at this level, or just below, right up until Christmas.
The latest projections from Meat & Livestock Australia agree prices are indeed likely to follow feed into summer.
The EYCI has continually broken records this year, each time on the back of a round of good rain.
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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.
