Meat and Livestock Australia is back to releasing slaughter data, which has confirmed supply has been tight the past few weeks.
East coast cattle slaughter jumped higher last week, largely thanks to Queensland, but slaughter rates moved higher in Victoria and NSW as well. East coast slaughter was just 3 per cent below the same time last year. Slaughter cattle prices remained relatively steady, perhaps due to a sharp jump in 90CL export prices.
So, if export prices are higher than last year and cattle slaughter lower, prices should be higher, right? Well, no. The Queensland Heavy Steer Indicator has improved, but it’s near the same price as last year. Cattle supplies out of feedlots appears to be keeping a lid on price rises, although the latest jump in export prices could see things creep a bit higher.
