PRICES for cattle continue to rise with the Eastern Young Cattle Indicator (EYCI) hitting a high of 996.5c/kg on Wednesday.
Meat and Livestock Australia (MLA) shows that this figure compares with 720.75c/kg at the same time last year.
There has been some toing and froing of the ultimate numbers with plenty of buyers and livestock agents keeping a close eye on the indicator, despite smaller saleyard numbers and rain.
The trend has been felt here in the Riverina with the Wagga Livestock Marketing Centre weekly cattle market demonstrating sky high averages for young cattle.
Monday yielded a smaller yarding in Wagga with 1760 selling under the hammer, however, the prices were indicative of what market commentators are using to paint a picture of the current buoyant cattle market.
MLA, market reporter, Leann Dax stated in her report from the Monday cattle sale that despite numbers being back due to the wet conditions prices were high.
Meanwhile, producers are continuing to show confidence in the beef industry with a 5 per cent herd rebuild expected to take place to grow the national numbers to a herd of 25.9 million.
The figures from MLA show that the rise is set to follow the herd dropping to its lowest levels for 25 years when numbers fell to 24.6 million in 2020.
A rising EYCI has been making headlines all year with the numbers breaking through the 900c/kg level back in April this year.
Early indications out of the Northern Victoria Livestock Exchange (Barnawartha) showed the market was red hot.
Small numbers of just 170 were sold on Wednesday but buyers were keen to meet the market.
Ms Dax reported for MLA that the the lack of supply caused the market to rally over most categories
"A dearer trend was evident from the commencement of the sale with heavy cows surging 22c to average 378c/kg," The middle run of D2 and D3 types were limited, selling from 286c to 334c/kg. Competition was stronger for dairy cows making from 301c to 326c/kg.