Cow prices in Victoria and NSW hit records due to low supply

Buying or selling cows? We break down the record prices across Victoria and NSW. See how well you’ll do based on recent sales.

Cow prices are at an highest.

Cow prices are the latest cattle category to hit record highs, with low supply the main cause.

And some saleyards have recorded their dearest ever prices for cows sold to processors in the past week.

The Eastern States Medium Cow Indicator reached a new record of 318c/kg liveweight on Monday, with 370 cows sold in the category — this is up 8c/kg on last week, 26c/kg higher than a month ago and 108c/kg higher than a year ago.

It means the indicator is 13 per cent higher than where it opened trading in January this year.

The national medium cow indicator also surpassed its previous record of 306c/kg to reach 314c/kg last week, before falling back to 309.9c/kg on Monday.

Meat and Livestock Australia market information manager Stephen Bignell said the high prices were being driven by Victoria and NSW.

The medium cow indicator in NSW hit a record 324.9c/kg on Monday, while in Victoria it was well ahead — also at a record — 339.8c/kg.

“While Queensland is driving the young cattle price rise, it is behind Victoria and NSW at 309.5c/kg in the cow category,” Mr Bignell said.

And Mr Bignell said producers are looking ahead to a second wet season and there was “nothing to indicate” more numbers would be expected on to the market.

At the Wagga Wagga, NSW, prime cattle sale on Monday heavy cows rose 19c/kg to average 384c/kg.

Nutrien Wagga Wagga livestock manager Peter Cabot said it was the “dearest cow market ever” at the saleyards.

“We had cows at 707kg to 392.2c/kg, returning $2776 and a number of heavy cows above 380c/kg, it is extraordinary,” Mr Cabot said.

He said it was “the sheer lack of numbers pushing up prices” with numbers going through the Wagga Wagga saleyards less than half what they were last year.

“The current good season and the large sell-off due to drought of the last couple of years is causing the lack of numbers.”

Mr Cabot said prices had “reached critical levels” for some processors, and many were not killing at capacity.

“I think prices will continue like this for the next couple of months, we won’t get any decent numbers through the Riverina until at least October.”

Thomas Elder Markets commodity insights manager Matt Dalgleish said while the cow price wasn’t proportionally the biggest rise it has experienced, it has steadily pushed higher since the start of this year.

“It’s reflective of the broader trend for restocking and retaining breeders,” he said.

With the cow price a reflection of the export market, Mr Dalgleish said the weaker Australian dollar of the past couple of weeks was definitely helping, but wasn’t the reason for the price jump.

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