The market was only headed in one direction this week, and that was down. Last week ended up being a record for yardings, so numbers did drop this week, but all indicators still lost ground. Rain still alludes many in the south, while the latest slaughter data showed Queensland figures down nearly 9000 head week-on-week, telling the tale of two seasons.
Starting with processor cows, more than a quarter of the drop in yarding numbers this week came from this indicator, but it still experienced the second largest decrease (the biggest being dairy cows), losing more than 20c/kg to close the week at 244c/kg. It is still hanging onto its year-on-year premium by 15c/kg.
There were fewer than 1000 head that were reported under the Heavy Steer Indicator, which likely means the right product was also limited, and it lost 15c/kg to land at 325c/kg. To give further insight into actual numbers, Roma store, Queensland, had nearly 20% of the heavy steers reported in the indicator and yet only yarded 187 head.
Feeder steers fared better, only losing 8c/kg for the week, only dropping 12c/kg for the month, and maintaining in Queensland. Restocker yearling steers almost held their own, falling by less than 2c/kg, and remaining at the biggest premium to the same time last year of all the national indicators, trading nearly 50c/kg stronger. Demand from the north is supporting this sector.
The Online Young Cattle Indicator was down 30c/kg this week to land at 367c/kg, its lowest point since the end of March (excluding the Easter/Anzac Day week). More than 30% of the throughput came from the Riverina and Southeast NSW, but both regions recorded prices above the national average.
Lotfeeding data was released for the March quarter this week, showing numbers on feed rising again to 1.5 million and national utilisation hitting a record 90%. More on this to come.
Next week
A significant rain event or contraction in supply will be needed to turn the market around in the short term, neither of which is likely this coming week. The northern restocker activity should continue to support that market in the south for the time being.
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Northern needs support for restocker returns
Starting with processor cows, more than a quarter of the drop in yarding numbers this week came from this indicator, but it still experienced the second largest decrease (the biggest being dairy cows), losing more than 20c/kg to close the week at 244c/kg. It is still hanging onto its year-on-year premium by 15c/kg.
There were fewer than 1000 head that were reported under the Heavy Steer Indicator, which likely means the right product was also limited, and it lost 15c/kg to land at 325c/kg. To give further insight into actual numbers, Roma store, Queensland, had nearly 20% of the heavy steers reported in the indicator and yet only yarded 187 head.
Feeder steers fared better, only losing 8c/kg for the week, only dropping 12c/kg for the month, and maintaining in Queensland. Restocker yearling steers almost held their own, falling by less than 2c/kg, and remaining at the biggest premium to the same time last year of all the national indicators, trading nearly 50c/kg stronger. Demand from the north is supporting this sector.
The Online Young Cattle Indicator was down 30c/kg this week to land at 367c/kg, its lowest point since the end of March (excluding the Easter/Anzac Day week). More than 30% of the throughput came from the Riverina and Southeast NSW, but both regions recorded prices above the national average.
Lotfeeding data was released for the March quarter this week, showing numbers on feed rising again to 1.5 million and national utilisation hitting a record 90%. More on this to come.
Next week
A significant rain event or contraction in supply will be needed to turn the market around in the short term, neither of which is likely this coming week. The northern restocker activity should continue to support that market in the south for the time being.
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Data sources: MLA, Mecardo, Steiner
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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.
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.