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Cattle prices have continued to break new records this week by surging through the 700¢/kg cwt mark on Tuesday. Thursday the Eastern Young Cattle Indicator (EYCI) finished at 720.25¢/kg cwt, up 28.00¢/kg cwt week-on-week and 152.00¢/kg cwt above year-ago levels. Dubbo was the highest at 745ckg cwt followed closely by CTLX at 742c/kg cwt.
The MLA report that this week, for the first time since early 2013, restockers accounted for an equal portion of EYCI eligible cattle purchases (45%) as feeder buyers. EYCI eligible cattle purchased by restockers averaged 739¢/kg cwt this week, more than that of feeder buyers, at 716¢/kg cwt, and well above the processor buyers, at 681¢/kg cwt (albeit the EYCI is not the best indicator of prime cattle purchases).
These three things typically happen to the EYCI from August to the end of spring (November) as mentioned by the MLA.
1) In 7 of the 10 past years the prices have eased. In November the EYCI averaged lower compared to August (range of decline from 2% to 20%). The only three increases were modest – 1% in 2010, 5% in 2011 and 3% in 2015 – and these were all very wet years. It has been pretty wet for a lot of cattle-tags.com.au clients this year.
2) Restockers take a step back. 80% of the time, restockers have purchased a lower proportion of EYCI cattle, offset by a rise from feedlots. Interestingly, restockers purchased less in each of three wet years mentioned above.
3) Processors purchase fewer EYCI cattle at the end of spring compared to the end of winter.
Information sourced from http://www.mla.com.au/prices-markets/Market-reports-prices/
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