Eastern Young Cattle Indicator yardings fell 22 per cent last week, while total east coast yardings eased just 14 per cent.
Despite the weaker yardings, the EYCI fell 14¢ to hit a two-month low of 665.5¢/kg cwt. The EYCI has fallen 50¢ from the highs but remains well above prices of the same time last year, when the market was coming out of its spring doldrums.
US cattle futures had a strong rally, up 8 per cent to hit a one-month high. This, along with continued tight supply, led to US importers lifting their bids in order to secure product.
The 90CL frozen cow indicator rallied 26¢ this week to 574¢/kg swt, past the east coast heavy steer price for the first time since June. This suggests margins for processors might be improving, which should help cattle prices in the short term.