Widespread rain across northern Australia disrupted key cattle sales this week, driving national yardings sharply lower and lifting most cattle indicators. Sheep and lamb yardings also fell while prices eased, and cattle slaughter declined after last week recorded the second-highest weekly rate in six years.

Heavy rain and localised flooding across northern Australia last weekend disrupted cattle movements, tightened supply through key selling centres, and shifted price signals across the eastern states.

Cattle prices are tracking well above year-ago levels, with young cattle maintaining a premium to their finished counterparts.

Over-the-hook (OTH) cattle indicators gained momentum this week, following tightened supply resulting from widespread rainfall across many parts of the eastern states.

Global cattle prices converge

Changing market dynamics in both Australia and the US has seen a lift in finished cattle prices, whereas prices in Brazil have remained largely unchanged.

For the week ending Tuesday, the Eastern Young Cattle Indicator (EYCI) improved 10¢ on the week prior, to average 488¢/kg carcase weight (cwt), back 1% on year-ago levels.