The benchmark Eastern Young Cattle Indicator has fallen 14.75¢/kg over the past week to 322¢/kg (cwt) on Thursday afternoon – the lowest point since the beginning of June this year, Meat and Livestock Australia reports.
MLA says young cattle yardings eased this week following last week's highest weekly yarding since November 2007.
Despite this week's decline, the number of cattle yarded that met EYCI specifications was the highest since the start of June 2008.
MLA says the fall in prices was exacerbated by weaker demand from the processing sector due to overseas financial constraints and quieter restocker and lotfeeder interest.
Larger numbers at southern markets contributed to the rapid fall in the EYCI over the past few weeks.
The EYCI dropped below the 300¢ mark at most Victorian markets, while it averaged between 305¢ and 349¢/kg (cwt) at NSW markets, and between 324¢ and 333¢/kg at Queensland markets.
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