Cattle prices edged higher last week, as markets remain in a holding pattern.
Export beef prices have started the year steady, putting a base in the market. Slaughter cattle is a little too expensive for processors, but tight supply and restocker demand is supporting prices.
The 90CL beef export price edged a little higher, hitting 590¢/kg cwt – almost the same as this time last year. Tight supply out of Australia and New Zealand has been somewhat counteracted by weakening demand from the US. However, demand in the US has improved. This has been on the back of cheaper domestic beef, and improving margins for retailers.
Locally, Queensland was where the action was – the trade steer indicator rallied 50¢ to 625¢/kg cwt. Saleyards in Queensland are a full dollar higher than the OTH quote.