Beef prices up and supply unlikely to recover soon

Tightening supplies have contributed to an improvement in the trade for beef cattle at the factories this week.

Base prices quoted by processors have increased by 5-8 cents/kg for both steers and heifers, after the intake slipped to 5,000 head less than the same week in 2014, and farmers toughened their stance on price before agreeing to sell their finished animals.

Steers are being generally quoted at a base of 415 cents/kg, with some cattle farmers holding out for a few cents/kg over this week.