Grids lose ground

Over-the-hook indicators

This week (24^th July) most Queensland over-the-hook indicators finished lower than last week, some by up to 8¢/kg cwt. The heavy steer indicator was 507¢/kg cwt, down 7¢ from week-ago levels and 53¢ lower year-on-year. The medium cow indicator declined 1¢ week-on-week and 74¢ from the same time last year, averaging 417¢/kg cwt.

While these indicators have eased over the past several weeks they are still tracking well-above their long term averages. The Queensland heavy steer indicator remains 114¢ higher than the five-year average, and the medium cow indicator is up 71¢.

There was a similar downward week-on-week trend seen in NSW, with both the heavy steer and medium cow over-the-hook indicators easing by close to 10¢, averaging 513¢ and 418¢/kg cwt, respectively. Both the heavy steer and medium cow indicator were 64¢ lower than year-ago levels.

The heavy steer indicator in Victoria eased 8¢ from last week, to 531¢ and medium cows were back 2¢, to 441¢/kg cwt.

Slaughter

Last week, Queensland adult cattle slaughter totalled just under 70,000 head, down 1% on the previous week but 20% higher year-on-year.

NSW saw a similar decrease of 2% week-on-week, to almost 32,000 head. This was a 12% increase in numbers processed compared to last year.

In contrast, Victoria saw a slight increase in cattle processed last week, up 1% on the week prior, totalling nearly 21,000 head. The increase on year-ago levels, however, was not to the same extent as NSW and Queensland, up 3%.