Beef and veal production was forecast to decline almost four per cent (to 2.05 million tonnes) this year on the back of a 1.5pc slip last year according to Meat and Livestock Australia’s (MLA) annual beef industry projections.

At the same time, lotfeeders were also expected to find the going tough in the next 12 months due to a limited number of suitable stock.

The number of cattle on feed was expected to slip in the first half of 2010 and average between 700,000 and 750,000 for the year (compared to an average of 733,000 in 2009).

In the saleyards, young cattle prices have been slowly creeping higher and early this week broke through the 340c/kg (carcase weight) mark.

P.R. Masters, Stephens and Company director, Scott Johnston, Bathurst, said during the past three months young cattle prices had risen about $70 to $80 a head – and he didn’t see it easing up.

Read the full story in The Land March 4.