East coast yarding’s retreated a substantial 17% from last week’s level, with the reductions occurring right across the states, lead by QLD, which dropped a sizable -23%, followed by NSW and VIC at -12% and -17% respectively.
Overall, yardings decreasing by a total of 7,378 (-17%) on last week saw 36,747 cattle yarded on the east coast for the week ending 18th September. This level is 40% below last year, and 25% under the 5 year average for this time of the year, but the dip in cattle coming to market in mid-September is hardly a shock, as we have seen this trend play out in most recent years.
Slaughter numbers came off 10% off from last week, shaving away all of the increases we saw building up over the last few weeks, with QLD and VIC driving the slide, with both losing 13%, and NSW also falling 3%.
A Total of 100,208 cattle were processed, which is 11,691 head under last week, and 35% down compared to the same time in 2019.
The EYCI climbed a little, putting on 9c (1.3%) to settle at 775¢/Kg cwt, still at a level 59% above last year.
A mixed bag of results to report on the categories, with Vealers, Restockers and Feeders losing some ground, while Steers and Cows destined for processing made some modest gains.
Medium and Heavy steers built on their fortnight of steady progress, adding 5¢ (1%) and 7¢ (2%) respectively, to close the week at 369¢/kg lwt and 377¢/kg lwt, while medium cows gained 7¢ to close at 270¢/kg lwt, and processor steers lifted 6¢ to 404¢/kg lwt
Restocker steers fell down 15¢ (3%) to end at 435¢/kg lwt but feeders resisted the trend, only shedding 1¢ to settle at 400¢/kg lwt
Vealers displayed their normal volatility, giving back 1¢ of the gain seen last week to come to rest at 422¢/kg lwt
On the international front, the big news is that the Aussie dollar has slumped down a whopping 3.3% over the week, to settle at the pleasing level of 0.70¢ US, which should improve our competitive position for exports. The 90CL Frozen Cow price fell 6¢ (1%) back to 663¢/ kg.
The week ahead….
The rainfall forecast for the coming week is not particularly promising, as it looks like only Eastern Victoria will receive the best of the rain, and a very dry week ahead is in store for QLD in particular. This may lead to further reduced overall interest in restocking activity in the short term, but the overarching La Nina conditions over the medium term remain positive.