Drop in heavy steer prices
With little moisture expected in the week ahead, young cattle prices are not expected to rebound in the short term.
The benchmark Eastern Young Cattle Indicator was off 3.8 per cent to 531.25¢/kg cwt in a move broadly mirrored by the national sale yard indicators.
Heavy steers registering a 3.1pc drop to 255.2¢/kg lwt. Restocker steers was one of the few categories to score a gain, up 2.2pc to close at 334¢/kg lwt.
The lack of rainfall has impacted Queensland and NSW producers over the last fortnight.
Weekly cattle throughput in Queensland is running nearly 30pc higher than the five-year average for this time in the season and NSW isn’t far behind, with 11pc higher yarding levels.
Looking to the forecast, Central Queensland is not expected to get much moisture into the week ahead, so don’t expect young cattle prices to rebound too much in the short term.