Higher supplies see northern cattle indicators ease in November

Highlighted in the latest North of the Tropic Report, the seasonal lift in cattle availability across major producing regions in November resulted in most indicators averaging lower than the month prior.

Bucking the trend however, and reflective of the improved seasonal conditions, restocker buyers continued to compete strongly for suitable cattle in a number of markets, with lighter weight categories averaging dearer as a result. In November, compared to the month prior:

• The north Queensland restocker steer indicator increased 3¢ – averaging 366¢/kg lwt
• The north Queensland medium steer indicator declined 23¢ – averaging 291¢/kg lwt
• The north Queensland grassfed bullock indicator decreased 8¢ – averaging 285¢/kg lwt
• The north Queensland medium cow indicator declined 7¢ – averaging 229¢/kg lwt

With the seasonal lift in supply delayed due to widespread rainfall earlier in spring, north Queensland average weekly cattle slaughter in November increased 10% compared to the same time last year, to 18,600 head. Although lower than the month-prior, north Queensland over-the-hook indicators remained mostly unchanged throughout November, with this week’s (12^th December) trade steer and medium cow indicators averaging 526¢ and 457¢/kg cwt, respectively.

On the demand side, compared with lighter trade in October, live feeder and cattle shipments increased notably in November – with further clarification around the new import permit requirements assisting trading conditions. So far in December, feeder steers delivered to Darwin are trading around 370¢, while those delivered to Townsville are averaging 330¢/kg lwt. For the January to November period however, total live feeder and cattle exports were 20% lower compared to the same time last year, at 917,413 head (ABS, DAWR).

To read the latest North of the Tropic Beef Report as well as the latest edition of Livelink, click here.