EYCI hits record as cattle prices pushed to new highs by rain

What will Eastern Young Cattle Indicator do now, as the big wet drives prices to record levels? Here is the industry view.

Cattle at saleyards. Picture: Zoe Phillips

HEAVY rain in NSW and southern QLD has pushed cattle prices to new highs, with the Eastern States Young Cattle Indicator hitting a record 896.5c/kg.

And, according to Meat & Livestock Australia there is “every chance” the EYCI could jump into the 900c/kg territory this week.

Yesterday’s close beats the previous record of 888.25c/kg set in January.

The young cattle indicator jumped 33c/kg in just a week following the east coast rain, Meat & Livestock Australia analyst Stuart Bull said.

“It is a combination of the floods and the logistical issues around different transport routes, but also there has been widespread rain in Queensland, and that area has not seen much rain,” he said.

“So that will really put pressure on supply.

“This type of rain leads to high stock retention rates and then high demand on young stock.”

Prices in Southern Queensland saleyards were the biggest driver of the EYCI last week, he said, but “this week will be the big one” in terms of how high prices could go, combined with the Easter recesses.

The NSW downpours led to a drop of 30 per cent in cattle yardings last week throughout the eastern states, and 25 per cent drop for sheep during the past week.