Supply shrinks due to retention for last of SBP
A base price of 286 cents/kg (102p/lb) became the norm at most factories on Monday, and while some top-up on quoted prices was paid on Monday, processors put up greater resistance to paying higher prices as the week progressed. In the deep south, cattle supplies were stronger, and sufficient cattle were being purchased by some factories off a base closer to 280 cents/kg (100p/lb), with the IMA grid scale operating above or below the R4L grade.
Supply became the price determining factor, with plants operating a price base of 282 cents/kg (101p/lb) in the east, while the standard was more likely 286 cents/kg (102p/lb) further north.
