Australian cattle markets saw the EYCI consolidate with a slightly softer bias, down 2.25¢ to close at 567.75¢/kg cwt. In contrast, young cattle in the west were maintaining ground, with a 3¢ rise on the week, to see the WYCI close at 648¢/kg cwt.
Lending support to cattle prices this week included a favourable weather outlook from the Bureau of Meteorology, which predicts above average rainfall for much of the country during the June to August period. In addition, a softer A$ assisted the 90CL Frozen Cow export price to creep higher. A 1¢ rise in US$ terms for the 90CL, translated to a 6.5¢ gain when converted into local currency terms, closing at 591.9¢/kg. Softening US cattle futures prices remain a concern and will limit the ability for US meat prices to rise while the futures market remains suppressed.
