Beef market report: Surprise cut of at least 5 cents/kg in beef prices

Beef prices at the factories have weakened by at least 5 cents/kg this week, defying farmer expectations, and the cattle supply trend.

The abrupt reversal in a recent brief upward movement in prices for both steers and heifers at the factories has been aided by deterioration in the weather since the beginning of the month.

Rainfall hitting two to four times the normal level around the country in the past week led to water-logged ground conditions, while poor growth has tightened the grass supply.