There are plenty of reasons for the cattle market to fall, but growers are helping it defy downward pressure by holding back supply, providing plenty of demand.
East coast yardings have reached a three-year low for a full week of sales. Yardings usually start to trend higher from here, but widespread rainfall is likely to keep things tight for a while yet.
It wasn’t just restockers pushing the EYCI back up to 712¢/kg cwt – trade steers in Queensland gained 43¢ to 692¢/kg cwt, while feeders were up 9¢ to 373¢/kg lwt.
Heavy steers managed to head back towards record highs, while cow prices have been steady since July.
Prices in the west remain the benchmark for where east coast values might head if and when supply comes.
Over the hooks cattle are making 590¢/kg cwt in WA, but the WYCI was at 627¢.
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