The Eastern Young Cattle Indicator (EYCI) finished Thursday’s markets at 350¢, a rise of 5.5¢ week on week, and a 33¢/kg (carcase weight) increase on the same time last year.
Meat and Livestock Australia reports that the driving force behind the continual rise has been the extensive rain across eastern Australia.
The wet conditions have restricted the transport of cattle and tightened supplies at physical markets, particularly in Queensland.
Furthermore, MLA says the improved seasonal conditions have given producers the confidence to hang onto young cattle for longer and sell them in better condition.
It has also encouraged strong restocker demand after several years of dry conditions.
There was an increase in the number of young cattle in the north of NSW this week, after rain affected sales in previous weeks and strong prices.
On the back of recent high prices and wet conditions last week, the yarding at Casino more than doubled, with around 2500 young cattle yarded, although most rates were 14¢ to 15¢/kg cheaper, but still above late last year and this time last year.
The wet conditions significantly lowered Queensland yardings, resulting in a reduced contribution to the EYCI calculation this week.
Given a chance to dry out, it is expected that some large yardings will be recorded in Queensland markets.
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