Cattle, sheep and lamb markets remained strong this week, with cattle yardings at MLA’s NLRS reported sales down 8% on last year, sheep 42% and lambs 15%.
The Queensland floods continue to hamper transport, with some sales cancelled again this week, and a public holiday affecting Victorian and SA numbers.
With restockers now active, it is the young cattle categories and cows that have benefited the most, with the EYCI reaching 350¢/kg cwt this week, up a further 5.5¢ for the week and 12% on last year. Similarly, feeder cattle rose 5¢, to 186¢/kg lwt, up 12% on last year. Japan ox lifted 10¢ this week, to be 8% above last year.
Cattle prices are probably now pushing against their peak, capped by weak underlying demand for beef in Japan and the US, strong competition in Korea and an A$ over 91US¢. Once cattle movement returns to normal, cattle prices are likely to ease back – towards a seasonal low in May.
Mutton sheep prices again set a record this week, at 355¢/kg cwt, up 80% on last year. Lamb price trends were mixed, having fallen from their February peaks of over 500¢/kg cwt to around 475-490¢ for well finished lines. Prices are likely to fall further this autumn, once numbers improve.