600¢ within sight for some markets
23 July 2015
Just over two months ago, MLA’s NLRS reported that a 500¢ Eastern Young Cattle Indicator (EYCI) was well within sight. In recent weeks, a number of markets have been edging closer to the 600¢/kg cwt mark.
- Wagga is currently the dearest market for EYCI eligible cattle, averaging 588¢/kg cwt this week
- CTLX Carcoar was not far behind, with an average price of 583¢/kg cwt
- NVLX Barnawartha and Finley both closed this week on 576¢/kg cwt
- The greatest market mover so far in 2015 has been Forbes, with EYCI eligible cattle prices lifting 55% (or 207¢/kg cwt) since the 2015 selling year commenced
Southern markets have generally performed very strongly this year, while Queensland markets – although still dearer than where they began at the start of the year – have lagged behind as a result of the continuing dry conditions.
- Slower to move have been the Toowoomba sales, up by around 20% since January, and still not having broken through the 500c/kg cwt mark
- Northern NSW’s Casino market has lifted 21% since the start of the year, now averaging 485¢/kg cwt
- EYCI eligible cattle at Armidale have lifted 27%, albeit from an already high base, as it commenced the year as one of the strongest markets, but has since lost some of its momentum
In terms of buyer representation, feeders continue to dominate EYCI purchases, acquiring 43% of eligible cattle this week. Lot feeders have also continued to pay a 10¢/kg premium over processor and restocker buyers. Vealer and yearling steers continue to sell 30¢ to 40¢ higher than their heifer counterparts, currently averaging 557¢/kg cwt, although this price differential may well close as soon as restocking purchases ramp up.
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