Australian cattle prices continue to plunge


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The Eastern Young Cattle Indicator hit a 26-month low and is heading towards 500¢.

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Cattle supply continues to track higher in saleyards, and price lower. After a bit of a bounce two weeks ago, dry weather and more numbers resumed the slide, with the Eastern Young Cattle Indicator hitting a 26-month low and heading towards 500¢.

While weakening demand has been playing its part in lower prices, supply was the culprit last week. EYCI yardings hit an 18-week high, and were the strongest September yardings on record. 

Rainfall and grain prices are not helping demand. Since late August, ASX East Coast Wheat Futures have gained $25 with feed values rising in sympathy. This is obviously continuing to pressure lotfeeders.

All state domestic feeder steer indicators have fallen back under 300¢, except in South Australia. Heavy steers are just above 500¢ in Victoria and South Australia.

Mecardo, Ag Concepts

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