Cattle prices softened across the board this week as supply returned in Queensland and Victoria. On the upside, slaughter demand remains strong, and US boneless beef prices continue to rise as US cow slaughter declines.
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The Eastern Young Cattle Indicator (EYCI) backtracked another 13¢ (2%) this week, coming to rest at 669¢/kg cwt. Prices for young cattle haven’t been this low in nominal terms for more than three years, and we are now operating at a level 40% below where we were a year ago. In the depths of the 2019 east coast drought, prices reached well below the 500¢/kg mark before rocketing quickly to around current levels in the space of a couple of months.Currently, the supply of young cattle across the east coast is very strong, after being subdued by the rain in Queensland, the offering at Roma exploded sixfold to 6,800 head, returning it to its rightful place as the index’s top contributor for the week. Roma steers traded at 790¢/kg cwt. Dalby, Gunnedah, and Tamworth were next in line, making up 27% of the index between them, with steers making 726¢/kg, 718¢/kg, and 716¢/kg respectively.Overall, east coast yardings snapped back quickly, pegging a 47% week-on-week increase as Queensland ...
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