November cattle market update

Highlights for cattle

• The Australian cattle market has continued to see fascinating trends from a price and export perspective. National beef exports have lifted to their second highest level on record in October which is made even more impressive considering the already substantial volumes seen in September. The 139,286 tonnes of beef exported in October is well behind the July record volume of 150,000 tonnes but represents another strong month in a very strong year for the industry. Export volume is expected to remain at these levels or slightly below for the rest of the year, making it another near record year.
• Australian cattle prices recorded a volatile month throughout October. Weather conditions, supply chain issues and export demand all played their part in setting price direction. Warmer conditions at the beginning of the month translated into more stock coming to saleyards which initially applied downwards pressure on prices. However, the back half of the month saw rainfall arrive resulting in producers holding onto stock or having issues getting cattle to market. This applied upwards pressure on prices as processing centres looked to get their hands on more stock to maintain throughput. The ongoing high export demand for Aussie beef also played its part too. Many processing centres are eager to book out well in advance to ensure they can match the needs required on the international front. The National Young Cattle Indicator remained mostly stable month-on-month as the waves in price fluctuations almost balanced out by the end of October.

Sources: Meat & Livestock Australia (MLA)

Tom Herbert

Agricultural Analyst

Tom combines his agricultural degree with strong industry knowledge to provide commentary on local and international beef and cattle market trends.