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Australia Cattle Prices Likely Under Pressure on Supply Increases -- Market Talk

24 Jul 2017 2:24 am

0224 GMT - Australian cattle prices are likely to remain under pressure as the country is likely to remain too dry for farmers to keep all their animals on the properties which will lead to destocking and more cows being sent to slaughter, says Tobin Gorey, Commonwealth Bank of Australia in a note; "The market is anticipating more supply." He notes that high grain prices and a higher Aussie dollar are also weighing on the market. The Eastern Young Cattle Indicator is trading up A$0.01 at A$5.95/kg having fallen 5% since the start of July. (lucy.craymer@wsj.com;Twitter: @lucy_craymer)

(END) Dow Jones Newswires

July 23, 2017 22:24 ET (02:24 GMT)

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