Some good macro news of late:
1. A$ down
2. Latest sale yard prices for feeder steers around A$3 / Kg again (retracing all the increase post the rain)
3. Live cattle prices tracking higher in China - now up about 20% over the past few months to above A$5 / Kg (therefore A$2 / Kg spread to Australia which is a multi-year high)
4. Reports that Indonesia is again contemplating banning buffalo imports (because it is hurting its domestic beef production which is keeping beef prices high - contrary to policy)
5. Turkey on the hunt for more live cattle imports
6. Today, ABARE updated its forecasts for FY18 - still calling for 13% REDUCTION IN SALES YARD PRICES and 16% LIFT IN EXPORT VOLUMES)
China's and Turkey's large distance from markets and demand for heavier / finished cattle absorbs significant global shipping capacity.
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