There were good reasons for prices to rise last week, with demand up from restocking and processing sectors, while supply was down.
Almost all major cattle areas in Victoria and NSW got between 25 and 50mm of rain, while in Queensland the far west and south east missed out. On the back of this rain, supply tightened.
Young cattle prices rallied, but more could have been expected. The EYCI gained 11¢ to reach a five-week high of 622¢/kg cwt. NSW and Queensland were the main movers, with feeders and trade steers gaining ground, while in Victoria prices remained steady.
Heavy steers were the biggest movers in slaughter markets, with Queensland gaining 31¢ to 524¢/kg cwt, and NSW 25¢ to 578¢kg cwt. There was little movement in Victoria, but prices were already in the 570-580¢ range.