THE Eastern Young Cattle Indicator (EYCI) again broke a new record on Tuesday, finishing yesterday's markets at 634.00¢/kg cwt - up 126.50¢/kg cwt on where it was this time last year and 67.00¢/kg cwt above where it was just one month ago.
After a drenching down the east coast at the start of June, a deep trough brought more heavy rainfall to many parts of Queensland, NSW and eastern Victoria over the past four days. In particular, selected parts of central and coastal Queensland have received in excess of 100mm over the past week.
Rain has seen restocker and feeder buyers compete strongly and outbid processors on young cattle. Of EYCI eligible cattle over the past week, feeder buyers and restockers have paid 644¢/kg cwt (up 34¢/kg cwt week-on-week) and 642¢/kg cwt (up 26¢/kg cwt), respectively, while processors have averaged 596¢/kg cwt (up 16¢/kg cwt).
With just under 1,800 head offered at Roma Store today, EYCI eligible cattle at the centre jumped 53¢/kg cwt to 673¢/kg cwt. Similar trends were recorded at TRLX Tamworth, CTLX and Gunnedah where EYCI eligible cattle averaged in excess of 670¢/kg cwt.
Store cattle prices in WA have also followed the strong trend, with the Western Young Cattle Indicator (WYCI) opening the week at 660.25¢/kg cwt.
The jump in cattle prices has not been restricted to the store market, however. Many grids this week, as discussed in this story, lifted 20¢/kg cwt, with rain putting pressure on supplies coming forward for slaughter.
Calculated as a seven day rolling average, the EYCI includes young cattle (C2-3 vealers and yearlings above 200kg) from MLA reported saleyards in Queensland, NSW and Victoria. Including just over 12,450 head over the past seven days (or about 1 in 4 of all cattle recorded at MLA reported markets across the country), the indicator is a broad level benchmark of the Australian store cattle market.
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