Producers resist reducing quotes as stock carryover buoys prices

Marts: Resistance from producers to the lower prices being quoted by the factories for cattle and a carryover of stock bought forward at higher prices sustained prices at an average of at least 6c/kg (2p/lb) over the quoted rates last week.

Despite a sharp increase of 2,500 head in the supply of bullocks the average paid by the processors for bullocks and heifers held within 1c-2c/kg of the previous week with the heifers stretching their lead over the bullocks to 4c/kg.

The factories paid an average of 291c/kg (104p/lb) for R4L bullocks and 295c/kg (105.5p/lb) for R4L heifers, which was up to 6c/kg (2p/lb) above the quoted prices at most of the factories.