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Australian heavy steer prices have fallen about 22 to 24% from their October 2022 peak as Australian supply expands. US heavy steer prices overtook Australian prices in November 2022, creating a gap of about US$0.48/kg.
Australian beef exports are running at record lows due to drought and labour shortages.
The price gap and tight Australian export supply favour US beef demand and support US cattle prices. Imports under the quota system could rise if the gap persists.
tsln.comChris McCulloughApr 28, 2023After 78 past bullish trade events, Live Cattle moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +1.2%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
