The EYCI has rallied back above 650¢/kg cwt this week, hitting a six-week high.
With the dearth of quotes for the cattle market last week, it’s hard to pinpoint who is driving the stronger prices. However, with the east coast trade steer sitting at 632¢ and feeder cattle up about 10¢, it would seem restockers are dragging the EYCI higher.
East Coast cattle yardings rallied this week, not unusual as normal sales resume. It appears pent up demand is pushing prices higher.
Some recent rain in Queensland has no doubt helped push demand in the north, but large parts of southern Queensland and NSW are still 25-100mm below the January average.
After opening up much stronger, heavy steers eased marginally as the strong price drew out supply, while cows were also a little lower.
