Strong slaughter the highlight in a soft week
The price of most specifications lost ground this week, with the trend toward quality, and selective buying driving wider price ranges for cattle. Reliable supplies of boxed beef purportedly offered onto the domestic market also dragged on supermarket buying activity. The bright spot is undoubtedly strong slaughter figures indicating capacity for sustained underlying support to […]
Spring silly season
I suspect the market was looking for something more from this week’s WASDE report as we got a report well within trade expectations and lacking any meaningful direction. On paper, you could argue that the February report was bearish for wheat with increased production in Australia and Russia and building end stocks. This is despite […]
Mutton surges on Chinese demand
A welcome deluge of demand from processors with Chinese orders has helped mutton prices surge this week. Despite the hotpot fuelled celebratory mood in mutton, demand for trade, restocker, and heavy lambs has cooled, with prices dipping even as reduced supply provided support. The National Mutton indicator (NMI) jumped a massive 43¢ (13%) this week […]
EMI breaks 1400
The Eastern Market Indicator (EMI) posted a strong lift to breach the 1400ȼ/kg clean barrier for the first time since July 2022. The EMI is now just 1.5% below the same time last year and is at the second-highest level it has been so far this season. This was despite a much larger offering coming […]