The final selling week for the 23/24 financial year saw prices fluctuate within a single-digit percentage range. Attendance from the buying field is strong according to saleyard reports, but activity at the rail fluctuates with quality.
The
Eastern Young Cattle Indicator fell slightly by 1% to close the week at 581 c/kg. Yardings for
the indicator were down by the same amount to 18.8k head. Roma remained at the top
spot for the largest contribution to the indicator with 40% of the volume and the
accompanying saleyard report talking to a full attendance from processors,
feedlotters and backgrounders.
In the west, the young cattle indicator lost some of the
gains it made earlier in June when it jumped over 70 c/kg, closing the week at
575 c/kg 1% behind the EYCI. Yardings in the west were up 13% week on week.
Processor Cows had the biggest increase in price out of the
indicators for the week, up 6% to 177 c/kg. Yardings for the cows were down by
18% to 7.5k head. Wagga had the largest contribution to the indicator, with
their saleyard report talking about a full buying field with domestic
processors not prepared to chase the market.
Restockers had mixed results depending on the gender, Steers
fell by 4% (the largest loss on value this week) down to 309 c/kg, whilst
heifers were flat at 240 c/kg closing the heifer discount to 22% compared to
26% last week. Roma had the largest contribution to both indicators, with 50%
for both heifer and steers.
Initial MLA NRLS data shows yardings were down week on week
by 25% to 49.1k head. Slightly above the 5-year average by 7%. June this year
has seen unusually high volumes through sale centres. The 4 selling weeks of
June this year have averaged 38% above the 5-year average for June.
90CL beef exports to the US continue to smash last year’s
volumes, total exports for 2024 from Australia are 80% above this time last
year. Despite approaching the halfway mark of the year, Australia has only
exported 41% of its quota to the US according to Steiner Consulting Group.
Slaughter levels for the previous week increased by 10% on
the week prior. Despite these elevated levels of slaughter seen since the
beginning of the year cattle slaughter figures aren’t breaking records. Looking
at the same week over the last 10 years, last week’s figure came in 5th
down 20% from 2015 as shown in Figure 2.
The week ahead….
The BOM has widespread rain forecasted for the lower 2 thirds of the country, this will support prices as feed concerns diminish. Buyers will continue to seek out the quality with less demand for the plainer more “wintery” cattle being presented.
The search for weight continues as buyers bid strongly for heavier cattle. With the supply agenda set by Meat & Livestock Australia last week, confidence
The Meat and Livestock Australia (MLA) Cattle Projections released last week have confirmed the theory that we are seeing peak cattle herd now, and supply
The BOM declared August as the hottest on record, for Northern East Coast producers it created ideal fattening conditions and allowed unimpaired movement of stock.
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In this report for LiveCorp and MLA, we analysed the historical trends in the demographics of the Australian sheep flock, examining domestic factors that influence farm-level enterprise decision making.
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Steer-ing through a mixed market
The Eastern Young Cattle Indicator fell slightly by 1% to close the week at 581 c/kg. Yardings for the indicator were down by the same amount to 18.8k head. Roma remained at the top spot for the largest contribution to the indicator with 40% of the volume and the accompanying saleyard report talking to a full attendance from processors, feedlotters and backgrounders.
In the west, the young cattle indicator lost some of the gains it made earlier in June when it jumped over 70 c/kg, closing the week at 575 c/kg 1% behind the EYCI. Yardings in the west were up 13% week on week.
Processor Cows had the biggest increase in price out of the indicators for the week, up 6% to 177 c/kg. Yardings for the cows were down by 18% to 7.5k head. Wagga had the largest contribution to the indicator, with their saleyard report talking about a full buying field with domestic processors not prepared to chase the market.
Restockers had mixed results depending on the gender, Steers fell by 4% (the largest loss on value this week) down to 309 c/kg, whilst heifers were flat at 240 c/kg closing the heifer discount to 22% compared to 26% last week. Roma had the largest contribution to both indicators, with 50% for both heifer and steers.
Initial MLA NRLS data shows yardings were down week on week by 25% to 49.1k head. Slightly above the 5-year average by 7%. June this year has seen unusually high volumes through sale centres. The 4 selling weeks of June this year have averaged 38% above the 5-year average for June.
90CL beef exports to the US continue to smash last year’s volumes, total exports for 2024 from Australia are 80% above this time last year. Despite approaching the halfway mark of the year, Australia has only exported 41% of its quota to the US according to Steiner Consulting Group.
Slaughter levels for the previous week increased by 10% on the week prior. Despite these elevated levels of slaughter seen since the beginning of the year cattle slaughter figures aren’t breaking records. Looking at the same week over the last 10 years, last week’s figure came in 5th down 20% from 2015 as shown in Figure 2.
The week ahead….
The BOM has widespread rain forecasted for the lower 2 thirds of the country, this will support prices as feed concerns diminish. Buyers will continue to seek out the quality with less demand for the plainer more “wintery” cattle being presented.
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Click on graph to expand
Click on graph to expand
Data sources: MLA, BOM, Mecardo, Steiner Consulting Group, Mecardo
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Where are we with the FSR?
The female slaughter rate (FSR) is one of the key figures used to demonstrate what is happening with the Australian beef cattle herd. There has
Heavy cattle grabbing attention
The search for weight continues as buyers bid strongly for heavier cattle. With the supply agenda set by Meat & Livestock Australia last week, confidence
Is the herd turn enough to lift prices
The Meat and Livestock Australia (MLA) Cattle Projections released last week have confirmed the theory that we are seeing peak cattle herd now, and supply
Hot August sees supply build in September
The BOM declared August as the hottest on record, for Northern East Coast producers it created ideal fattening conditions and allowed unimpaired movement of stock.
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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.
Research: Analysis of the Australian sheep flock
In this report for LiveCorp and MLA, we analysed the historical trends in the demographics of the Australian sheep flock, examining domestic factors that influence farm-level enterprise decision making.
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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.