Restockers are showing a bit more interest in the cattle market on the back of improved seasonal forecasts and talk of processors ramping up capacity, agents are reporting.
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Prices have largely stayed put, with some categories, including young cattle and processor animals, lifting and those still in the red only moving slightly.
While there is a bit of rain on the radar over the next fortnight in some prominent cattle breeding regions like north eastern NSW and southern Queensland, it's more the longer-term outlook that has put a bit of a jig in producer's steps, agents said.
The Australian Bureau of Agricultural and Resource Economics and Sciences says from now until January, there is close to equal chances of above or below median rainfall for large areas of eastern, western and central Australia, while below median remains the forecast for the rest of the country.
That's a significant toning down of the tough outlook that had been forecast.
ABARES says if these falls are realised, it will likely be sufficient to support late spring and summer pasture growth across eastern and northern Australia.
"People have definitely been more positive in the past few weeks and that will make a difference to the market," Central West NSW agent Todd Clements, Bowyer and Livermore, said.
"Some got a little bit of grass on the back of the last rain and combined with the better outlook, it's been enough to turn things a little."
He said supply seemed to be remaining at similar levels, which was also contributing to keeping the market going at the same rate.
Mecardo analyst Olivia Agar said young cattle prices had tracked sideways for the month of October, with the end-of-month uptick in the Eastern Young Cattle Indicator courtesy of restocker buyers.
They have managed to bring young cattle prices back in line with feeder values, she said.
Meat & Livestock Australia analyst Tim Jackson described the market at the moment as varied, saying prices were diverging based on category and location.
In general, prices in Victoria and NSW have held firm or improved, while prices in Queensland, South Australia and Western Australia have eased, he reported.