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Cattle prices skyrocketing
27 Jan 2004
Cattle prices are soaring, and more rises are expected, as producers benefit from recent heavy rains across Queensland and increased Japanese demand. The benchmark Eastern Young Cattle Indicator has risen more than 5 per cent to 333.5c/kg over the past two weeks.
But Meat and Livestock Australia's Peter Weeks said the markets haven't yet adjusted anywhere near enough to meet the increased demand from South Korea and Japan, and there should be some significant moves shortly, particularly in Queensland. The Japanese demand comes from a ban on US beef imports after the discovery of BSE in that country. Australian feedlots are buying cattle heavily with these markets in mind, but it's not known how long Japan's ban on US beef will last - it should be at least until mid-2004, Mr Weeks said.
The Australian, 27/1/04, page 18.
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