Restocker Yearling Steer, Feeder Steer and Eastern Young Cattle Indicators (EYCI) all broke new ground this week, driven by Queensland feeder and restocker buyers.
The drivers of the EYCI relate to how Queensland buyers are operating and at what intensities.
The Restocker Yearling Steer Indicator lifted 20c to hit 749c live weight (lwt), which is 274c/kg, or 36 per cent, higher than a year ago.
This was driven by a 54c/kg lwt week-on-week price rise from the Roma, Queensland sale, which also yarded the most cattle. Its price for restocker steers was the highest in the indicator's yarding.
The Feeder Steer Indicator also lifted by 3c to hit 574c/kg lwt. Roma was the key driver, rising 37c week-on-week to hit 660c/kg lwt.
Roma's yarding of feeder steers also rose by 452 head. These statistics demonstrate the strength of the current feeder market, buoyed by the confidence of the influx of feed grain to support margins after a challenging harvest for grain growers, MLA stated.
The support also demonstrates the demand for Australian beef, both domestically and internationally, after a limited supply throughout 2021 due to the herd rebuild maturing.
The EYCI reached 1147c on Wednesday, rising 11c overnight, after a 27c/kg carcase weight (cwt) lift on Tuesday.
The Roma and Dalby sales played significant roles, with their indicator prices for all young cattle lifting 70c and 104c week-on-week to reach 1260c and 1193c/kg cwt, respectively. Both sales contributed 31 per cent or 5210 head, of the total yarding.
Overall, the supply of young cattle has increased substantially to be 7888 head higher week-on-week and 3992 head higher than 12 months ago on the same date. These supply rises demonstrate producer and lot feeder confidence, with supply not impacting demand, MLA reported.
