Long awaited storms through central Queensland over the past week contributed to a lift in producer sentiment in some of the most drought riddled parts of the country this week. Adding to the lift in sentiment has also been the forecast for further widespread falls over the next week – and while the current forecasts indicate the heavier falls will be over eastern regions, there has been a noted impact upon markets this week.
Cattle markets in Queensland and northern NSW responded accordingly, contributing to a rise in all indicators this week, with the EYCI increasing 7¢, to settle above the 300¢ mark again, on 301.25¢/kg cwt. Further assisting price improvements was increased restocker activity at northern markets, reportedly triggered by the recent and potential rainfall.
Any price improvements this week, however, will only be sustained if the forecast rain does eventuate. Nationally, medium cows finished Thursday’s markets on 260¢/kg cwt, up 7¢/kg cwt on last week.
Despite the dry week throughout NSW, following a very dry October, eastern states lamb offerings eased slightly, with the immediate rain forecast the reported influencing factor. Under reduced lamb supplies, prices improved, with the national heavy lamb indicator gaining 15¢, to finish the week on 407¢/kg cwt. Like the northern beef markets, any price improvements will only be sustained, if the forecast rain does eventuate.
In contrast, mutton offerings increased this week. However, reportedly favourable feed conditions in Victoria buoyed demand, with the national mutton indicator increasing 13¢, to finish the week on 192¢/kg cwt.