Australian feeder steers prices hit record high in Nov
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The benchmark price for northern Australian crossbred feeder steers, cattle destined for grain finishing in feedlots, rose to a record 579A¢/kg (406¢/kg) liveweight on 5 November, because improved pasture conditions prompted producers to retain cattle and tightened feeder supplies.
The benchmark price for northern Australian crossbred feeder steers, cattle destined for grain finishing in feedlots, rose to a record 579A¢/kg (406¢/kg) liveweight on 5 November, because improved pasture conditions prompted producers to retain cattle and tightened feeder supplies.
The latest price surpasses the previous high of 578A¢/kg set in December 2021. The Argus northern feeder steer assessment has risen by 66A¢/kg over the past four weeks from 513A¢/kg on 8 October. The rally has been driven by season-establishing rainfall across Queensland and New South Wales (NSW), which has transformed pasture conditions after a prolonged dry period and reduced producer selling.
The market is displaying many of the characteristics seen during the 2021 rally, when widespread rainfall supported pasture growth and encouraged producers to delay sales. But supply constraints appear more pronounced this year, because strong restocker demand is also competing for available cattle and pushing feeder availability to exceptionally low levels.
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