Australia has the highest beef price in the world

Australian slaughter cattle are now officially the one of the most expensive among major beef exporting countries in the world, as the difference between the US and Australian cattle prices narrowed to virtually zero a few months ago, but the transition is now official.

High cattle prices in Australia this year have been fuelled by the overall livestock supply shortage caused by herd reductions after two years of drought. The big decline seen in US cattle prices in recent months has clearly been a factor too.

The NLRS national heavy steer indicator today sits at 364c/kg live weight, up from 350c/kg a week ago, and 16pc higher than the 312c/kg seen this time last year.