The cattle market has been headed in only one direction this week, and that is down. All the major indicators lost ground as yardings, and slaughter remain elevated as many areas eagerly await the end of a dry summer - which for some is likely on its way with the current weather event.
Slaughter numbers – although a week delayed – tell the biggest story about prices, rising to the highest weekly volume for the year of 147,133 head. We have to go back to late 2019 to find a weekly total higher. Queensland was responsible for much of the week-on-week increase, sending an extra 2500 head to the processors. This week’s yarding remained on-par with last, at just above 72,000 head, which is about 50% above the five-year-average for the corresponding week.
The processor cow price took one of the biggest hits, despite 3000 head less through the indicator this week than last. It closed the week at 496¢/kg, an 11% dip week-on-week, but still a solid 15% stronger than the same time last year. It wasn’t just one particular area which felt the pinch either, with yards right down the east coast recording cow prices below the average. Restockers, both steers and heifers, were down 25¢/kg and 28¢/kg respectively, with restocker steers now back to year-ago levels at 355¢/kg.
The National Young Cattle Indicator fell more than 10¢/kg for the week to 344¢/kg, its lowest point since the start of October last year. Again, this was primarily driven by Queensland, with Roma store sale making up 22% of the NYCI throughput for the week, and that yard only averaging 331¢/kg. This was also reflected in the Eastern Young Cattle Indicator, which lost about 8¢/kg for the week. Feeder steers faired the best this week, losing less than 5¢/kg despite being the only major indicator to see an increase in throughput.
The latest export data has come in this week, with beef volumes up 25% to 117,502 tonnes, a record for the month of February. The US once again took the biggest market share, with 64% more Australian beef headed that way than the same month last year. Live exports have also been on the rise, as Indonesia looks to Australia to fill a market gap as Indian buffalo meat experiences a significant price rise. MLA’s cattle market outlook will be released on Monday, giving us further insight into the year ahead.
The week ahead….
Cyclone Alfred is what is on everyone’s radar this week, and we are hoping everyone keeps safe and sound. How far, wide and significant the corresponding rainfall event is will likely have some impact on the market in the coming fortnight as producers react to how it plays out.
Easing supply had a role to play; however, heavier saleyard offerings and channel country rainfall have gotten the ball rolling on demand once again in
The cattle market softened slightly this week as yardings lifted by more than 20,000. This increase in throughput was also heightened by lesser cyclone-affected yardings
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.
Our team of market analysts are recognised as leaders in Australian Ag market analysis, providing invaluable insights to help you navigate the ever-changing commodity landscape.
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.
Market dips as we wait for weather
Slaughter numbers – although a week delayed – tell the biggest story about prices, rising to the highest weekly volume for the year of 147,133 head. We have to go back to late 2019 to find a weekly total higher. Queensland was responsible for much of the week-on-week increase, sending an extra 2500 head to the processors. This week’s yarding remained on-par with last, at just above 72,000 head, which is about 50% above the five-year-average for the corresponding week.
The processor cow price took one of the biggest hits, despite 3000 head less through the indicator this week than last. It closed the week at 496¢/kg, an 11% dip week-on-week, but still a solid 15% stronger than the same time last year. It wasn’t just one particular area which felt the pinch either, with yards right down the east coast recording cow prices below the average. Restockers, both steers and heifers, were down 25¢/kg and 28¢/kg respectively, with restocker steers now back to year-ago levels at 355¢/kg.
The National Young Cattle Indicator fell more than 10¢/kg for the week to 344¢/kg, its lowest point since the start of October last year. Again, this was primarily driven by Queensland, with Roma store sale making up 22% of the NYCI throughput for the week, and that yard only averaging 331¢/kg. This was also reflected in the Eastern Young Cattle Indicator, which lost about 8¢/kg for the week. Feeder steers faired the best this week, losing less than 5¢/kg despite being the only major indicator to see an increase in throughput.
The latest export data has come in this week, with beef volumes up 25% to 117,502 tonnes, a record for the month of February. The US once again took the biggest market share, with 64% more Australian beef headed that way than the same month last year. Live exports have also been on the rise, as Indonesia looks to Australia to fill a market gap as Indian buffalo meat experiences a significant price rise. MLA’s cattle market outlook will be released on Monday, giving us further insight into the year ahead.
The week ahead….
Cyclone Alfred is what is on everyone’s radar this week, and we are hoping everyone keeps safe and sound. How far, wide and significant the corresponding rainfall event is will likely have some impact on the market in the coming fortnight as producers react to how it plays out.
Have any questions or comments?
Click on graph to expand
Click on graph to expand
Click on graph to expand
Data sources: Mecardo; Meat and Livestock Australia
Categories
Have any questions or comments?
Rain makes oats, oats makes gains
Easing supply had a role to play; however, heavier saleyard offerings and channel country rainfall have gotten the ball rolling on demand once again in
Less buffalo means more boats to Indo
Live cattle exports for the first two months of 2025 are at their highest levels in four years, as plentiful supply keeps prices where our
Dry dictates market movement
The cattle market softened slightly this week as yardings lifted by more than 20,000. This increase in throughput was also heightened by lesser cyclone-affected yardings
Some economic theory applied to beef tariffs
With US tariffs still firmly on the agenda, and with beef and lamb possible targets, the question now is what would this do to our
Want market insights delivered straight to your inbox?
Sign up to the mailing list to get regular updates to new analysis and market outlooks
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.
MEET THE TEAM
Our team of market analysts are recognised as leaders in Australian Ag market analysis, providing invaluable insights to help you navigate the ever-changing commodity landscape.
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.