The Eastern Young Cattle Indicator (EYCI) lifted to find it’s new record on Wednesday at 772¢/kg cwt. This solid rise pushed the EYCI just a few cents above the previous high set in March.
Tight supply helped lend support to most categories of cattle. The heavy steer saw the best result with a weekly gain of 9% to close at 382¢/kg. Medium cows rose 3% to 271¢/kg lwt. It was only the Restocker Steer category that softened, albeit only marginally, down just 5 cents to 271¢/kg lwt. Both Processor and Feeder Steers found some support.
East coast cattle yardings saw a significant drop on the week. Just 34,744 cattle were yarded in the week ending the 12th of May, which was a 29% drop on the week prior. Much of the fall was driven by Queensland with nearly 10,000 fewer head presented, but all states contributed to the tightening supply.
Slaughter levels rebounded slightly after last weeks low, rising 5% to see 126,034 head processed on the east coast. This was 12% under the same week in 2019.
Domestic focus drives an EYCI record
Next week
There is rain on the short term forecast for much of Victoria, NSW and the coast of SA and WA. If slaughter and yardings stay this tight we will continue to see support for prices at the saleyard. How long tight supply can prop up saleyard cattle prices despite weaker demand in export markets is the unknown we’re waiting to play out.
Have any questions or comments?
Click on graph to expand
Click on graph to expand
Click on graph to expand
Data sources: MLA, NLRS, Steiner, Mecardo
Categories
Prices out of sight but top of mind
Young cattle prices mustered up some more strength from another week of subdued supply to post yet another record. And what a record it was!
We can see the downside, but timing uncertain
New records are being set for young cattle, while slaughter cattle are back close to the highs set last year. The most common question being
Stronger, higher, the moon?
The 2021 cattle markets have opened at a relaxed pace in terms of volume; however, prices have risen energetically, with the EYCI well and truly
EU premiums in weaners- fact or fiction?
The question of premiums in agricultural commodities is often up for discussion, and the recent weaner calf sales provides the opportunity to examine the existence
Don’t have an account with us? Join free.
You can have full premium access to all of our content with a monthly or annual subscription.
Alternatively, create a free account to access our Insights blog and two free premium article a month!
Independent analysis and outlook for wool, livestock and grain markets delivered to you as it’s published
Listen to the podcast
Join the Mecardo team for the Commodity Conversations podcast, where we provide short weekly market recaps and longer conversations with guests to discuss the drivers and trends in livestock, grain and fibre markets.
Research: Analysis of the Australian sheep flock
In this report for LiveCorp and MLA, we analysed the historical trends in the demographics of the Australian sheep flock, examining domestic factors that influence farm-level enterprise decision making.
SERVICES AND CAPABILITIES STATEMENT BROCHURE
We don’t just bring you the most up to date market insights. Find out more about Mecardo’s services including risk management advisory, modelling, benchmarking, research & consultancy.