MLA reports that while yardings were up 13 per cent on the previous week (although still down on last year), it was a strengthening in the competition between restockers, feeders and processors that led to the rise across almost all categories and states.

This competition was most clearly reflected in the Eastern Young Cattle Indicator, which finally broke away from the 350¢/kg (carcase weight) level it had maintained since early March, up almost 9¢/kg to 358.75¢/kg.

MLA says the US import market is showing positive signs, feedlots are still placing cattle in pens for end-of-year Japan and Korean demand, and the recent rains have reinforced expectations of a good spring (further encouraging restockers).

The normal August/September peak in cattle prices is, however, likely to be constrained by the high and volatile Aussie dollar and continued economic concerns in Japan and the US markets.