Key points:
- EYCI hits below $10 on Tuesday before bouncing back after strong sales at Roma and Wagga.
- Premium prices at Forbes sheep sale bolster sheep indicators across the board.
- Cattle and sheep slaughter have ease with a softening in export rates and some WA processors coming offline.
Indicators
The Eastern Young Cattle Indicator (EYCI) eased 8.17¢ week-on-week after hitting 999.09¢/kg cwt on Tuesday on the back of Dalby, which traded at 959.16¢/kg cwt. This was the lowest price since September last year and was due to the easing in yardings by 800 head with stock coming from as far as South Australia. The EYCI bounced back on Wednesday with a strong sale at Roma and Wagga trading at 5¢ and 27¢ above the national average respectively.
The feeder steer indicator went through a price correction after the higher prices in Blackall last week – this price correction was found at Dalby cattle sale, which traded 37% below the national average at $499.4¢/kg lwt. Wagga, which still traded above the national average and contributed the most to the indicator, showed an easing in yardings and mixed quality at the sale yard due to a loss in traction for the secondary market as the two-tier pricing continues. Last week Blackall strengthened its yardings when high quality cattle from the local area were sold. This price increase was backed by strong demand on the rail. A price correction this week could only be expected with mixed quality moving through the yard.
Muchea and Mount Barker prices strengthened this week, which was reflected in the Western Young Cattle Indicator (WYCI). Mount Barker contributed 72% to the indicator and strengthened 24¢ week-on-week after stronger demand from restockers, with good quality stock moving through the yard.
Sheep
The light lamb indicator has strengthened after the Forbes sale which traded at a 91¢ premium on the national average of 732.34¢/kg cwt, representing an increase of 50¢ week-on-week with an easing of yardings at the sale and a good selection of grain finished lambs. Mutton numbers were beginning to ease with the mixed quality impacting prices.
Merino lamb price also strengthened 64c week-on-week to reach 712.9¢/kg cwt. This was after Forbes traded at a 130c premium on the national average, contributing 19%. Wagga was the only sale yard that contributed more, at 23% and traded 29¢ above the national average. Although there was a price correction at the saleyard this week, the mixed quality did not make a difference to buyers at Wagga, with plenty of demand at the sale. Restockers fetched 149¢/kg cwt higher week-on-week with the greater demand.
Slaughter
Northern cattle slaughter has strengthened by 18% for heifers with live export easing from Townsville.
Sheep slaughter is at its lowest in 12 months with some WA processors coming offline for maintenance. This has eased slaughter rates by 40% week-on-week to sit at 2020 levels with an 86% easing in WA.
Goat slaughter has increased 3,569 head week-on-week with stronger slaughter figures in Queensland.
Other
The Singleton sale did not occur due to rain events.
