The EYCI dropped 12¢ but remains above the magic 700¢ mark, at 707.75¢/kg cwt.
The US cattle market tried to rally early in August, but live cattle and feeder cattle futures have eased towards previous three-year lows.
Steiner consulting group is citing weaker retail beef prices, driven by heavy supplies in cold storage and rising steer weights.
Low grain prices in the US are also encouraging chicken and pork production increases. US pork and chicken production is expected to grow by 274 and 464 thousand tonnes respectively – that’s 29 per cent of Australia’s total beef production.
It’s easy to see why 90CL beef export prices to the US are finding it hard to rally, sitting at 574¢/kg cwt this week.