After rising for successive weeks in defiance of a climbing $A and subdued export demand, saleyard price indicators for export categories gave up most of their recent gains across the country last week.
The National Livestock Reporting Service reported softer prices for export categories in saleyards last week, despite an 11pc reduction in total cattle yardings.
The stronger A$, which climbed to a four month of US 105c last week, and weak export demand, continue to be a cause of concern.
“While July’s export figures continue to show good volumes of beef, up 4pc, heading overseas, returns continue to be suppressed, a combination of the high A$ and weaker consumer demand in key markets,” the NLRS said last Friday.
Categories to experience falls included medium steers, which dropped 18c to 329c/kg cwt, heavy steers, which slipped 1c to average 344c/kg, and medium cows, which declined 10c to 278c/kg cwt.
A reported boost in demand for trade steers helped prices to remain at 391c/kg cwt, with a larger number of supplementary fed lines starting to hit the market.
Demand for young cattle remains strong, with rejuvenated restocker and feeder demand last Thursday pushing the Eastern Young Cattle Indicator to a record high for the first week of August of 388.25c/kg cwt.
The feeder steer indicator rose 2c last week to 208c/kg lwt.
The EYCI averaged 383c/kg cwt during July, 2pc above last year.
Overall it was a relatively dry week for inland Australia, with only coastal parts of Victoria, Tasmania and Southern WA receiving falls in excess of 10mm. A high pressure system located across eastern and central Australia is expected to bring further dry conditions this week.