THE EYCI closed marginally lower on the week, down 3¢ to 545.75¢/kg cwt and is now approaching levels where the indicator should consolidate. East coast cattle yarding numbers reported this week were 41,950 head. This represents a 33 per cent drop from the 2015 figure and is 19.8 per cent below the five-year average for this time of year. Yarding figures for NSW, SA, Queensland and Victoria are all now tracking below their respective long-term average levels pointing to a general tightening of supply.
The high chance of above average rainfall across most of the south east of the country, for the May to July period, should boost optimism and lend support to eastern cattle prices, particularly for restockers. Lending further support to the EYCI this week has been the rise in the 90CL frozen cow indicator over the past few weeks. Mecardo – expert market analysis.