Australian beef prices are rising for the first time in five months as rains across key livestock-producing regions bring relief to farmers, ending months of distressed sales of animals following one of the worst droughts in decades. Parched areas of New South Wales and Queensland, the country's key cattle-raising states, have seen widespread rains over the past week, analysts and the official weather forecaster said, with more showers expected.
That is good news for farmers who had been forced to increase livestock sales to slaughterhouses to prevent animals from starving as pastures wilted, prompting a glut in supply of beef. The Eastern Young Cattle Indicator (EYCI), the benchmark cattle index in the world's third largest beef exporter, rose to 538-1/4 Australian cents a kg this week, up almost 7 percent from two-year lows hit in late September.
Leave Your Comments