Cattle indicators reach year’s high

SELX-Cattle-31-Aug-HR-0923On Monday the Eastern Young Cattle Indicator (EYCI) reached 534.25¢/kg carcase weight (cwt), its highest level so far in 2019, only to be outdone by the Western Young Cattle Indicator (WYCI) which also achieved a yearly high at 575.75¢/kg cwt.

Young cattle prices have advanced in July, particularly in WA, Victoria and southern NSW. Restocker demand in these regions has improved, as some winter rainfall has provided renewed confidence for spring feed prospects.

More showers will be required to sustain demand, with northern NSW and Queensland still very much awaiting a break.

On Tuesday, the WYCI reached a 45¢ premium to the EYCI. For the week ending 26 July, WA young cattle traded at an average of 14¢ below NSW, and 7¢ below Victoria, however it was 64¢ stronger than Queensland, which averaged 500¢/kg cwt.

Feedlot buyers have continued to provide the greatest support for prices, generally taking the best offerings but paying a premium for them, averaging 554¢/kg cwt for all EYCI-eligible cattle last week, similar to those in the WA.

Processor buyers have been more inconsistent, with Victorian and WA processors fairly competitive, while those in NSW and Queensland are showing a discount.

Key Saleyards for the EYCI/WYCI this week

  • Wagga Wagga – 2107 head – 609¢/kg cwt
  • CTLX Carcoar – 1091 head – 595.75¢/kg cwt
  • NVLX Wodonga – 404 head – 569.75¢/kg cwt
  • Roma Store – 3858 head – 505.75¢/kg cwt
  • Dubbo* – 2014 head – 582.25¢/kg cwt
  • Muchea* – 156 head – 561¢/kg cwt

Over the last week we have generally seen northern saleyards trade lower on average than their southern counterparts, with Dubbo the middle ground.

Southern NSW yards of Wagga Wagga and CTLX Carcoar have been particularly strong, while Roma, Warwick and Toowoomba have all traded closer to the 500¢/kg cwt mark.

https://www.mla.com.au/prices-markets/market-news/eyci-hits-2019-high/

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