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
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