Meat and Livestock Australia data reveals that cattle markets are easing slightly, thanks to a lack of moisture and the rising Aussie dollar.
The story for export prices is similar. The 90CL opened the year slightly easier, down 10¢ before a slight lift this week to 569¢/kg swt. In US terms, 90CL prices have gained a little ground on weaker supplies out of Australia and New Zealand, thanks to lower slaughter. In our terms prices are weaker, with the Aussie dollar trading well over 79¢US.
Eastern and western young cattle indicators are almost in lockstep with the 90CL, however it was only a year ago that young cattle prices were trading at significant premiums to the 90CL.
With no widespread rain forecast, general prices are expected to continue tracking sideways or slightly lower.