Australian cattle prices hit record levels after rains — ABC News Australia

In Australia, cattle prices rose sharply after heavy rains in key production areas of Queensland and northern New South Wales. The benchmark Eastern Young Cattle Indicator, calculated by Meat and Livestock Australia, exceeded 1,000 cents per kilogram due to competition from buyers rebuilding herds and backgrounding operations, ABC News reports.

Demand for young cattle

At an auction in Roma on Tuesday, some weaned steers from the Winton region sold for $7 per kilogram, or more than $1,900 per head. In Dubbo, a local sales report recorded a sharp increase in demand from buyers rebuilding herds. Young cattle rose by up to 80 cents per kilogram compared with the previous week, while the price of young steers reached $7.40 per kilogram. Young heifers for herd replenishment sold for up to $6.50 per kilogram.

Farmer Scott Loughnan, who runs a mixed farm west of Roma, said his area had received more than 160 millimetres of rainfall. According to him, the rain will make it easier to keep cattle, although it may harm winter crops, including chickpeas, which he was harvesting along with wheat and barley.

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New highs for cows and steers

The national processing cow price indicator exceeded $4 per kilogram for the first time. The heavy steer indicator also set a new high, reaching $4.77 per kilogram.

Global AgriTrends analyst Simon Quilty linked the rise to limited supplies of heavy steers and competition between processors and feedlots. He said feedlot operators, due to a shortage of animals, had begun buying steers weighing from 550 to nearly 630 kilograms, intensifying competition for cattle ready for slaughter. Quilty believes the Australian industry is entering a period of herd rebuilding and forecasts that heavy steer prices will rise by about 20% to around $5.70 per kilogram next year.