Queensland restocker yearling steer indicator above 400¢

The Queensland restocker yearling steer indicator has jumped out of the blocks in 2017, with prices continually rising since markets reopened.

While the average price paid by processors and feeders has also risen, restockers are evidently the ones driving the market, with the indicator above 400¢/kg lwt for the first time since October last year, when the indicator hit a record 418¢/kg lwt.

For the other categories, feeders have also lifted, yet not nearly to the same extent, with the Queensland feeder yearling steer indicator at 367¢/kg cwt, while those to processors are at 343¢/kg lwt.

Traditionally, the average price paid by the three buying groups is very close, yet demonstrating the strong restocking intent – despite a hot and dry summer, and below average three month rainfall outlook – the average price paid by restockers is almost at a record premium to the other two parties.

It’s highly likely that the restocking, processor and feeder yearling steer indicators will eventually realign, noting the longstanding relationship. With this in mind, restockers should act with caution at current price levels.

To conduct your own analysis and for a deeper dive into the data, visit MLA’s revamped market reports and prices webpage, where you can chart, download and listen to the latest market information.