At a time of year when prices generally fall, or are steady, the Eastern Young Cattle Indicator continued its rally, gaining a further 13¢ to hit 565.75¢/kg cwt. The EYCI has now rallied for a month, and gained 12 per cent, now sitting at a 12-week high. The EYCI seems to be heading on a similar trajectory to 2015, although the previous prices trends have been starkly different.
EYCI yardings were a touch weaker but are not really abnormal. The 14,698 head yarded this week was down 5 per cent on last week, and 29 per cent on the same week in 2016, and 7 per cent below the five year average.
The main movers in price terms, which drove the EYCI, were trade steers in Queensland, which gained 18.5 per cent to move back to 559¢/kg cwt. This is just 3¢ shy of trade steers in Victoria and NSW.
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