Dean Ryan told Queensland Country Life markets analyst, Stan Wallace, during Beef 09 that this was caused mainly by a larger amount of boxed beef going into these markets, particularly to our largest customer Indonesia.

While our shipments of boxed beef to Indonesia have slowed this month, such shipments to this market during February and March were very high.

The current softening in the live export market comes in the wake of a slow start to 2009, after which Australian live cattle exports rebounded during March, as cattle started moving again after the extensive flooding in January and February.

Cattle exports for March reached 83,735 head – a record high for March and 13pc above the same time last year.

Cattle shipped to Indonesia in March increased 6pc year-on-year, to 65,221 head – the highest monthly volume since September last year.

Contributing to the jump in March shipments was the reduced shipments sent during January and February, with numbers back 10pc for the first two months of the year.

In contrast, MLA has reported beef exports to the US rose 33 percent from last April, to 26,009 tonnes, due to healthy demand in the US fast food sector and last year's abnormally low shipments (due to the diversion of beef to Russia).

After a few weeks of steady over-the-hook grid rates, prices for some lines, however, eased slightly at southern Queensland plants early this week.

Best steers were quoted at 285c/kg, down 5c/kg, and heavy cows 270c/kg.

However, 100-day grain steers are firm at 345c/kg and best EU steers are still selling to 335c/kg, giving EU producers a very handy margin.