Victorian trade steers have enjoyed a solid rebound after dropping to a 2½-year low last week.
The Victorian trade steer indicator was sitting at 502¢/kg cwt, while NSW and Queensland fell to almost meet it at 536 and 513¢/kg cwt respectively.
Feeder prices were relatively steady, and restockers a bit weaker, but the Eastern Young Cattle Indicator rallied 7¢ for the week, getting back to 538¢.
More interesting was weak EYCI supply. At 13,787 head, EYCI yardings were at winter levels. Export markets had a small rise, with the 90CL indicator gaining 4¢ to 568.6¢/kg cwt, to move to a 5 per cent premium to the EYCI.
Cattle prices seem to be a little underpriced relative to the export market, and some rain in Queensland over the coming days might help correct this.