Insights February 2025

February summary on cattle

• Australian cattle prices recorded a mixed beginning to 2025. The NYCI burst out of the blocks in the first few weeks of January, peaking at 379c/kg. However, the weight of elevated supply numbers on local markets, poor seasonal conditions and less buying from processing centres who are booked out now into March applied downwards pressure on prices. Export markets are forecast to become more alive throughout February. This is barring any supply chain issues from the wet weather in Queensland. This could provide some upside for local prices. However, the factors mentioned earlier may still loom large applying downwards pressure again.
• Processing centres have hit the ground running in 2025. Current rates are sitting comfortably above this time a year ago. They are also above the five-year average. Despite the normal Christmas and New Year break, weekly slaughter rates currently sit 18 per cent higher YTD. There are now reports of most centres particularly in Queensland being booked out until March. This suggests that processing rates will elevate throughout February. Again, barring any disruptions from recent unsavoury weather conditions. 
• Australia’s beef exports began 2025 at just over 81,000 tonnes. Despite this being a decline when compared to December, export volume is up seven per cent year-on-year. Production disruptions due to the Christmas and New Year break meant exports were limited in January. However, with production set to increase throughout late Jan and into February, exports are likely to see a strong boost.

Download the full update from Tom Herbert, Bendigo Bank Agricultural Analyst