Beef records smashed as young cattle prices soar
Beef prices have roared into record territory with the Eastern Young Cattle Indicator hitting a new high. Here’s why.
BEEF prices have roared into record territory.
The Eastern Young Cattle Indicator hit a record 799.25c/kg carcass weight yesterday, with prices buoyed by tight supplies of young cattle and heightened restocker competition.
The EYCI’s previous record was 794.75c/kg set a just a fortnight ago.
The benchmark indicator is tracking 302c/kg dearer than the start of the year and a 295c/kg premium to this time last year.
Meat and Livestock Australia said supplies were down, with total eastern states yardings about 10 per cent below year-ago levels.
The biggest contraction in supply is in NSW, with yardings down 20 per cent on this time last year. Victorian yardings were down 16 per cent but Queensland throughput was up 8 per cent.
“Supply out of southern markets continues to be impacted by heightened stock retention and positive rainfall outlooks for the remainder of spring,” MLA said.
Biden win lifts hopes for Aussie red-meat exports
Will a change in US presidency affect Australia’s relations with China? The red meat industry could benefit from Biden’s win, as tensions with China increase. Here’s what we know.
Northern state drives cattle price gains
Queenslanders are paying up to 100c/kg more for young cattle than what Victorian producers are handing out, as the northern wet season looms. How far this factor will push prices is in question.