Producers appear to be resisting recent price declines by holding back stock, particularly in NSW, with national cattle yardings down 24pc this week and lambs 6pc lower.

A generally favourable season in Queensland and northern NSW is allowing producers this luxury.

The only significant price moves at saleyards this week were in the upward direction, with the EYCI rising 5¢/kg cwt, the national cow indicator 8¢/kg cwt higher and the mutton sheep indicator up 7¢/kg cwt.

In contrast to saleyard rates, over-the-hook (OTH) cattle offers continued to slide in Queensland and NSW, no doubt reflecting the weakening in demand on export markets.

This has left OTH prices in Queensland well below corresponding saleyard prices.

In contrast, NSW saleyard and OTH prices are on a par, while in Victoria OTH rates are significantly above saleyard values.

In contrast to these mixed results, a clear trend is apparent for cows, with saleyard prices 20-35¢/kg cwt above OTH rates across all the eastern states.

The late start to the spring lamb turnoff is seeing large numbers available at present, with yardings 5pc above last year's (despite a reported smaller lambing) and numbers still on the rise in Victoria.

This seems likely to keep prices for finished lambs within the 320-350¢/kg cwt range over coming weeks.