Rain in the north supports EYCI
07 February 2019
Despite the young cattle market being relatively stable over the last fortnight, the EYCI experienced a slight upwards turn earlier this week. Here’s the latest on the eastern sales state-by-state.
Tuesday’s (5 February) Eastern Young Cattle Indicator (EYCI) was 477.5¢/kg carcase weight (cwt) up 9¢ from the 468¢ last Tuesday and 468.5¢ a fortnight ago. The EYCI is still trading at a 16.5¢/kg discount to the Western Young Cattle Indicator (WYCI), which has also been fairly stagnant since mid-January.
Across the eastern states, NSW has maintained the strongest young cattle prices throughout 2019 so far. Across all saleyards, the market has seen an average of just under 500¢/kg cwt. This is a premium of 30¢ to comparable cattle being sold in Victorian saleyards and 40¢/kg cwt to those being marketed in Queensland.
Substantial rain in the far north and into central Queensland is likely to see the northern markets find some support, with the level of improvement dependent on how far south the rainfall system continues.
Saleyard prices in Victoria have remained fairly resilient despite substantial rainfall deficiencies across the state so far in 2019.
At the yards
The Australia Day public holiday has led to some increased yardings this week. Wagga Wagga’s Monday 4 February sale was up 300 head for a total yarding of 4,200 head. Despite the influx in supply, prices remained competitive – EYCI eligible cattle were up 24¢/kg to 506¢/kg cwt.
The total yarding at Gunnedah, NSW, on Tuesday was up 1,500 head to 3,800 head and, like Wagga Wagga, prices increased by 18¢/kg as feedlot and restocker buyers remained active.
Inverell, NSW and Warwick, Queensland, both saw dramatic increase in yardings, up 733 head and 310 head respectively. However, while Inverell prices remained firm week-on-week, demand at Warwick struggled to keep up, with prices easing 25¢/kg for young cattle.
Further north, the Roma store sale on Tuesday saw prices strengthen from the previous sale on the back of heavy rainfall across much of far north Queensland. EYCI eligible cattle averaged 481¢/kg cwt, an increase of 22¢/kg week-on-week.
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