Australia’s cattle prices keep climbing upwards

Australian cattle prices are continuing to climb to dizzy-heights as demand for restockers flourishes, after widespread rain drenching the east coast.

The Eastern Young Cattle Indicator rose to a new record high yesterday when it hit 766.75¢/kg carcase weight.

It marks the EYCI’s continued stunning rise after eclipsing its previous high of 725.75¢/kg cwt — which was set on August 17, 2016 — last week.

The Western Young Cattle Indicator was trading at a strong 698¢/kg cwt yesterday.

NAB agribusiness economist Phin Ziebell attributed the restocker market rise to much-needed rainfall alleviating drought-stricken regions throughout the Eastern States.

“Since January, many — but not all — areas have seen excellent rainfall and soil moisture levels across northern New South Wales, the Darling Downs and central Queensland have led to spirited activity in the cattle restocker market,” he said.

“Conversely, the 2016 rally occurred during some of the best seasonal conditions in living memory.

“While some areas now have enough moisture to see them through, many still need a full season of above average rainfall to recover and this is a risk for prices.”