Beef market update
RECENT rain across eastern Australia has sparked optimism in the cattle market, with price gains observed across almost all major indicators.
Over-the-hook (OTH) indicators also benefited, particularly in Queensland where most categories rose between 6¢/kg and 17¢/kg carcase weight (cwt).
Unlike store cattle prices, which are beginning to recover following a difficult season, OTH indicators strengthened during the past year.
Strong prices at the finished end of the market are a positive sign for the industry, as they reflect growing international demand for high-quality Australian beef.
Rising OTH indicators also hint at the potential upside for the store market given improved seasonal conditions.
Much like NSW, prices in Victoria have been relatively stable (current end of October).
Cow prices remained depressed when compared to NSW and QLD, with the poor season contributing to heightened supply in the south.
Trade steers and heifers were flat.
Heavy steers were also unchanged.