Young cattle prices smash record
A new record was set today for young cattle prices, as the market continues to build momentum.
CATTLE prices smashed the 770c/kg mark today, breaking the record of 762c/kg set earlier this year.
The Eastern Young Cattle Indicator - which today sits at 772c/kg - has held steady in recent months, driven by restocker demand from NSW and Queensland and heavy feedlot demand.
The EYCI has reached unprecedented highs this year, surpassing the 760c/kg mark in March.
And despite the domestic and global volatility of the coronavirus outbreak, prices maintained their strength in recent months, hovering at the 750c/kg mark.
The EYCI now sits 276.50c/kg higher than prices seen this time last year.
According to Meat and Livestock Australia, the young cattle prices are sitting 207c/kg above the five-year average.
The previous record for the EYCI was 725c/kg at the height of post-drought restocking in 2016.
MORE TO COME
‘No one knew it was coming’: Tongala cow abattoir shuts
The livestock industry and local community have reacted to Greenham’s closure of its Tongala cow processing plant.
Wool producer rapt with market revival
Prices for Steven Wishart’s wool clip are getting towards “a fairer return than where it has been”, the Inverleigh sheep and wool producer says. This is what he is planning.