Decent rainfall hasn’t translated into demand, as young cattle prices continue to ease even though yardings haven’t been extraordinary.
The EYCI was slightly softer, closing at 558¢/kg cwt. The 90CL price continued to fall too, losing another 10¢ in AUD terms. This is helping drag cattle prices lower, having lost 14 per cent in 12 weeks. Weakening demand for 90CL beef in the US is the driver, with foodservice not doing so well.
Positives in the cattle market were hard to find. The National Heavy Steer Indicator gained 15¢ to move back to 521¢/kg cwt.
This was despite the Queensland indicator sitting at 494¢, and there being no quote from any other state. Despite the falls in the 90CL export price, there is a little room for upside, especially if the Aussie dollar does the right thing – and it rains.