Cattle market – November update
At a glance
- National trade steer prices eased to 531 c/kg lwt, 2 per cent (pc) lower than this time last month.
- Restocker demand is building in southern states ahead of peak selling time, while an early wet season offers confidence in the north.
National trade steer prices eased slightly in October as supply increased in most states, however prices remain 24 pc above levels this time year. Restocker demand remains high as southern states approach peak selling season.
At state level, Western Australian (WA) trade steers recorded a 13 pc gain on this time last month with current prices trading around 45 pc above levels from a year ago.
Average daily cattle yardings for October increased significantly on September volumes. South Australia increased 24.5 pc and New South Wales recorded a rise of 21.6 pc.
The Elders Weather outlook for November forecasts multiple cold fronts across southern and eastern Australia from 8 to 12 November, and again 14 to 18 and 25 to 29 November. The cold fronts are expected to bring widespread rain. In Western Australia (WA), cold fronts will start from 8 November and push into early December. Multiple rain events across the country combined with warmer weather is expected to promote vigorous grass growth, pushing the green feed wedge into summer.
A world record was broken for a stud sale in October. You can read about some of the significant sales in our latest edition of Bidders, winners and records.
- Seasonal conditions remain conducive for re-stocking.
- Early start to the wet season adds confidence in the north.
- Yarding volumes have increased and haven’t peaked in southern states.
From the field
Southern South Australia
“Cattle markets in South Australia remain strong with increasing interest from restockers and feedlots. Store cattle numbers were up in October which is earlier than usual. Seasonal conditions in the lower South East have been excellent for grass growth and the region heads into November with a lot of confidence. Naracoorte Christmas weaner sales on 2 and 3 December will be the key events over the next month, demand is expected to be high.”- Laryn Gogel, Elders Livestock Manager.
Note: States without sufficient data for the current month or without data for a specific stock category will not appear in the table.
*The forecast shown on the graph is derived from an auto regression model (ARIMA) which was used to generate the high and low 68pc confidence interval. The ARIMA model draws on data from 2016 to now. The model is purely mathematical and should only be used as a guide for where prices could land in the next two months.
Sources: Price data reproduced courtesy of Meat & Livestock Australia Limited.
The information contained in this article is given for the purpose of providing general information only, and while Elders has exercised reasonable care, skill and diligence in its preparation, many factors (including environmental and seasonal) can impact its accuracy and currency. Accordingly, the information should not be relied upon under any circumstances and Elders assumes no liability for any loss consequently suffered. If you would like to speak to someone for tailored advice relating to any of the matters referred to in this article, please contact Elders.
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