Beef prices near record high

Cattle prices on the eastern seaboard are expected to break through the all-time 900¢ barrier after encouraging rains edged the Eastern States Young Cattle Indicator to 896.5¢/kg on Monday.

Meat and Livestock Australia analyst Stuart Ball said yesterday’s near record close was up on the previous record of 888.25¢/kg set in January.

He said the young cattle indicator was up 33¢/kg in just a week after the east coast rain drenching.

Mr Ball said the downfall brought floods and logistical issues to transport routes, and that there was relief to previous dry areas of Queensland that received welcome rains.

He said the rain would lead to high stock retention which would filter to increased demand for young cattle.

Mr Ball said southern Queensland saleyards were driving the EYCI increase value and it was a wait and see of how high prices would go.

The NSW heavy rainfall dropped cattle yarding numbers by 30 per cent last week throughout the Eastern States.

Meanwhile WA’s Western Young Cattle Indicator has enjoyed an average 950¢/kg for the past three weeks, according to MLA market information manager Steve Bignell.

“Today’s WYCI was 967¢/kg as compared to its all time record of 979¢/kg on March 18,” he said.

“Driving the demand for WA cattle was limited supply in the State with lot feeders active to fill their yards and continuous buying activity from Eastern States restockers.”

Mr Bignell said the WYCI was enjoying a 9 per cent premium above the EYCI.