Australia - Beef over the hook

04 Feb 2012

Over the hooks (OTH) rates as reported by MLA’s NLRS decreased in every state this week, with softer market conditions reported across every category. Weaker demand and the shorter trading week impacted OTH rates, while a number of Queensland processors are closed for annual maintenance.

The high A$ is also influencing buyer demand, particularly across the export grades.

While the cheaper OTH rates followed the falling trend observed in the physical markets, the number of cattle available was reportedly good. Nationally, medium weight yearling steers (220 -260kg cwt) averaged 347.5¢/kg cwt, settling 1% lower for the week. Excellent conditioned 0-2 teeth grown steers (300-420kg cwt) averaged 332.25¢/kg cwt, declining 4.5¢ for the week.

Direct to works cow prices reflected the easing demand for manufacturing beef, with some lines reportedly discounted for being over-conditioned. Nationally, light cows (200 – 240kg cwt) averaged 264¢/kg cwt, while the heavyweights (over 320kg cwt) settled at 288.5¢/kg cwt.

Source: newsroom - meattradenewsdaily.co.uk

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