Cattle market waits on solid seasonal break
THE price direction of Australia’s cattle market and national herd rebuild now hinges on a solid seasonal break, following a dry finish to winter and hot September across much of Australia.
Meat & Livestock Australia’s October cattle industry update maintains July slaughter forecasts, with some upward revisions to projected beef production and export volumes as a result of higher carcase weights.
MLA’s Market Intelligence Manager Scott Tolmie said the main impact of the poor season has been the downward trajectory of Australian cattle prices, largely caused by reduced restocker demand.
“Feedlot demand has also supported the EYCI, driven in part by robust export demand for high quality grainfed product in Japan and Korea, especially over the past few months,” he said.
“With the herd rebuilding cycle still underway, the availability of lightweight stock through markets remains limited, which should see prices continue to track above the five-year average for the remainder of the year.”