With young cattle supply falling only slightly this week, pricing for young stock continued its downward trajectory. The Eastern Young Cattle Indicator (EYCI) dropped 27¢ to 510¢/kg cwt, a 5.1% decrease week on week and now 51% lower than this time last year. In WA, fewer numbers through saleyards saw the Western Young cattle indicator bounce back increasing from 517¢/kg cwt to 560¢/kg cwt, a jump of 43¢/kg.
The national Feeder cattle indicator saw another slight drop in price coming down 1.2% to 299¢/kg, over the last four weeks we have seen feeder prices fall 22¢/kg (7%). Feeders were down in NSW by 10¢ to 296¢/kg lwt, this is despite a 17% drop in the throughput of feeder spec cattle on last week’s numbers. Wagga Wagga saw an average price of 291¢/kg lwt for feeders and further south to Victoria, feeder indicators averaged out to 272¢/kg/lwt, a 5¢ decline.
The Queensland feeder market saw a 2% increase in the amount of cattle yarded, as feeder prices fell by 6¢ to 305¢/kg lwt. Dalby led the state for yardings of feeder types with 3169 feeder cattle yarded this week with an average price of 321¢/kg lwt. a fall of 12¢.
Heavy steer prices increased slightly on last week with a 9¢ increase, selling for an average of 269¢/kg lwt. Processor cow prices remained steady remaining at 198¢/kg/lwt but are down 7% over the last four weeks. Victoria has continued to see a steady rise in the price of processor cows, closing out the week at 218¢/kg lwt. Leongatha saw 357 cows yarded at an average price of 211¢/kg lwt, a fall of 7¢ on the previous week. Last week’s East Coast slaughter numbers were down 3% week on week at 115,182 head. This is an increase of 24% on the same time last year and 3% above the 5-year average for the same week.
The Australian Bureau of Meteorology (BoM) long-term forecast is predicting hot and dry conditions for September to November. This would most likely mean a continuation of the steady flow of young and finished cattle onto the market as producers look to lighten off stock to battle the dry.