Weaners remain on the move, and interest took a slight step back this week as we enter a transition period for cattle markets with spring fast approaching. Not a lot of rainfall in the last few weeks but strong prices have seen cattle come forward and remain strong for winter.
The tip top winter premiums appear to have subsided for now, as the Eastern Young Cattle Indicator (EYCI), lost 40¢ to 964¢/kg cwt. Demand for young cattle though remains strong, given the rush of weaner numbers to the yards this winter and the EYCI still 13% higher YoY.
Heavy steer and cull cow numbers at a national level were relatively flat and so too was demand, keeping prices overall relatively flat week on week. Restockers heifer and steer were more abundant at the yards with yearling weaners arriving in more numbers this week. The end result was a 2% drop week on week for Restocker steers and 7% decline week on week for restocker heifers (see indicator table).
Per MLA saleyard reports, lighter weight weaners eased in Roma this week but finished cattle and cull cows remained firm. Southern restockers and processors were busy in Dalby boosting demand for a big yarding. Heavy steers saw steep price declines in Wagga this week.
Supply has remained consistent and elevated by winter standards, and slaughter continues to operate in a narrow band. 90cl beef pricing (AU 1079c/kg) into the US is still 13% higher year on year but the decline in pricing has been slight but steady since Autumn.
On Mecardo this week, Jamie-Lee Oldfield takes a look at beef export markets now that some trade dynamics have changed after a roaring first half of the year (read more here). Despite the inevitable decline in two of our major Asian markets for the remainder of the calendar year, export demand remains promising as we fill into many more countries looking for beef.
Next week
Supply will likely remain strong, there is not a strong rainfall forecast and northern cattle are still finding homes in southern processor yards.
Australia’s live cattle export numbers lifted significantly in July but remain subdued for the year-to-date compared to the five-year-average. More competition for lower supply and
The cattle market felt the chill of mid-winter this week as prices fell across the board despite slightly lower throughput. Support remains seemingly strong in
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More weaners come forward
Next week
Supply will likely remain strong, there is not a strong rainfall forecast and northern cattle are still finding homes in southern processor yards.
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Data sources: MLA, Mecardo
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A shift in destination and a fall in price
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Feeder fountain coming from the North
More rainfall in the South and a drop in throughput overall wasn’t enough to rally cattle prices this week. The market is still experiencing symptoms
Live export trade slips as domestic market soaks up supply
Australia’s live cattle export numbers lifted significantly in July but remain subdued for the year-to-date compared to the five-year-average. More competition for lower supply and
The north-south divide is opening up again for young cattle
The cattle market felt the chill of mid-winter this week as prices fell across the board despite slightly lower throughput. Support remains seemingly strong in
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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.
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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.