Widespread Queensland showers spur EYCI closer to 600¢
03 December 2015
Parts of south-east Queensland received up to 50mm over the past week, sparking upward price movements at most markets across the eastern states.
The Eastern Young Cattle Indicator (EYCI) gained 7.5¢ for the week, closing Thursday at 597¢/kg cwt, with the influence of rain clearly outweighing the increased throughput. This week EYCI throughput hit 22,600 head, up considerably from the five-year average of 17,500 head.
Of the markets contributing to the EYCI, there were significant jumps in price at Wagga, CTLX Carcoar, Gunnedah, Casino, Dalby, Singleton and Armidale. Very few markets registered a decline.
Despite rain in the north, restockers weren’t the driving force behind the rise, accounting for 30%, or 6,400 purchases, while the feeder buyers remained the dominant force and were responsible for 58%, or 13,000 acquisitions.
With the average price of EYCI eligible cattle at eight of the 23 included saleyards exceeding 600¢, and five within 10¢, it may be that further rainfall in the penultimate week of sales will see the indicator make the never before seen level.
Nevertheless, even if the indicator doesn’t break through 600¢/kg cwt, shorter cattle supplies, combined with a weaker A$ will continue to support the market in the New Year
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