In a sign of the incredible faith both restockers and lot feeders have in the beef game at the moment, the benchmark Eastern Young Cattle Indicator has set a new record of 932 cents a kilogram carcase weight, close to 20c above the previous record.
The EYCI has jumped a whopping 30c in the past week, and 43c over a four-week period, exceeding forecasts significantly.
Lot feeders have also increased the percentage of EYCI-eligible cattle they are purchasing at saleyards. Yesterday they took just a tad under 50 per cent, pushing restockers back to 40pc.
That follows feedlot cattle making up more than 50pc of beef production in the first quarter of 2021, for the first time ever. Furthermore, the majority of beef consumed domestically for the quarter was grain-fed.
The EYCI started it upwards movement two weeks ago on the back of rain but it's likely much more is playing into the latest hike, including the free trade agreement news with the United Kingdom and the widespread understanding that global dynamics are very much in Australian beef's favour at the moment.
Meat & Livestock Australia analysts also point out the supply of young cattle hasn't really lifted since April, helping to support cattle prices in an already 'low supply fuelled' young cattle market.
June quarter cattle supply is expected to be the lowest it has been more than 20 years.