Young Cattle Prices Continue To Slide
AUSTRALIA - No improvements in trading conditions were seen for the cattle sector last week. Prices were slightly lower across most categories, with the Australian dollar continuing to be a huge concern for exporters.
26 October 2009
1 minute read
The ongoing hot and dry conditions throughout Queensland and northern New South Wales continues to see young cattle demand weaken, with the EYCI falling 7¢ for the week, to finish last Thursday at 302.25¢/kg cwt – the lowest level since mid-February, according to Meat and Livestock Australia.
National indicators for the heavier categories both declined 1¢ on last week, with Japan ox 13 per cent below the corresponding period last year, at 292¢/kg cwt. Forecasts for much needed rain across a wide region of southern Queensland in the coming week may help to halt the recent price slide.
The dollar hit 93 US cents last week, with economists predicting it will remain strong well into next year. Stewart Hanna, from meat traders Sanger Australia, says more beef is now being forced onto the domestic market. Despite access to the domestic market, 60 -70 per cent of meat still needs to be exported.
Mr Hanna says, it is tough times at the moment, with the beef export market at its lowest point in years.
TheCattleSite News Desk
