The young cattle market held fully firm to slightly stronger this week, with the cow price the only indicator to lose some ground. The restocker heifer market made the biggest gains nationally as producers set their sights on spring, while yardings made back up all the numbers lost last week and then some. Last week’s lower yarding was replicated in slaughter figures, which dropped about 7000 head.
As Australian beef exports fell yet again last month, the heavy steer price continued its climb this week, lifting another 15¢/kg to 411¢/kg. While this price is about 16% above the five-year average, it is right on par with where the national indicator sat in both 2021 and 2022. The premium for finished stock in the south is becoming more evident, as Queensland made up half of all heavy indicator eligible steers this week, but the state price average was significantly lower at 386¢/kg. NSW, on the other hand, averaged well above at 441¢/kg, with Dubbo reaching 463¢/kg with just 80 head.
Processor cow numbers lifted more than 3000 head, and the price dropped by 14¢/kg to 360¢/kg. It remains about 50¢/kg above month-ago levels, which is in line with most other indicators. Again, Queensland had half the eligible stock and averaged lower at 346¢/kg, while the NSW average cow price only lost about 3¢/kg, to finish at 378¢/kg. Victoria fared even better at 397¢/kg, but only had about 8% of the national throughput.
As mentioned, the National Restocker Heifer Indicator had the largest gains this week, lifting nearly 20¢/kg to 394¢/kg. The Roma store sale had 45% of the total 2647 eligible heifers for the rolling weekly average, and yet still sat higher than the national price at 398¢/kg. This brought it above the five-year average price for the first time all year, and it is now at the biggest premium to year-ago levels of all the major indicators, at 41% higher. However, unlike the heavy steer price, it is still trading at a significant discount to 2021 and 2022 levels, 22% and 8% lower respectively.
The week ahead….
As we get closer to seeing grass growth in the south, more restockers and traders will enter the market, adding competition to already strong demand from processors and feeders. The Eastern Young Cattle Indicator rose another 4% this week to 854¢/kg, with that category averaging within 7¢/kg of $10/kg at Wagga Wagga. This could be a good indication of cattle prices continuing to improve for the short term at least.
A historically high cattle market has pushed cattle-on-feed numbers lower for the September quarter. Confidence in the sector has far from waned, however, with capacity,
National cattle yardings jumped 13% week-on-week, unsurprisingly putting downward pressure on prices, but the market still showed a level of resilience considering the increase in
The Australian Bureau of Statistics (ABS) released its quarterly Livestock Products report last week, and the cattle industry has been setting new records. It appears
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Roma store demand shoots restocker heifers higher
As Australian beef exports fell yet again last month, the heavy steer price continued its climb this week, lifting another 15¢/kg to 411¢/kg. While this price is about 16% above the five-year average, it is right on par with where the national indicator sat in both 2021 and 2022. The premium for finished stock in the south is becoming more evident, as Queensland made up half of all heavy indicator eligible steers this week, but the state price average was significantly lower at 386¢/kg. NSW, on the other hand, averaged well above at 441¢/kg, with Dubbo reaching 463¢/kg with just 80 head.
Processor cow numbers lifted more than 3000 head, and the price dropped by 14¢/kg to 360¢/kg. It remains about 50¢/kg above month-ago levels, which is in line with most other indicators. Again, Queensland had half the eligible stock and averaged lower at 346¢/kg, while the NSW average cow price only lost about 3¢/kg, to finish at 378¢/kg. Victoria fared even better at 397¢/kg, but only had about 8% of the national throughput.
As mentioned, the National Restocker Heifer Indicator had the largest gains this week, lifting nearly 20¢/kg to 394¢/kg. The Roma store sale had 45% of the total 2647 eligible heifers for the rolling weekly average, and yet still sat higher than the national price at 398¢/kg. This brought it above the five-year average price for the first time all year, and it is now at the biggest premium to year-ago levels of all the major indicators, at 41% higher. However, unlike the heavy steer price, it is still trading at a significant discount to 2021 and 2022 levels, 22% and 8% lower respectively.
The week ahead….
As we get closer to seeing grass growth in the south, more restockers and traders will enter the market, adding competition to already strong demand from processors and feeders. The Eastern Young Cattle Indicator rose another 4% this week to 854¢/kg, with that category averaging within 7¢/kg of $10/kg at Wagga Wagga. This could be a good indication of cattle prices continuing to improve for the short term at least.
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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
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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.