If we ever get a decent season will the stars align once again and we see new price records set?

Market Analysis 

Drought, destocking, and strong overseas cattle prices. The current picture of the cattle market isn't unfamiliar, with many factors on the surface looking remarkably similar to the period just before the breaking of the 2014 drought. So can we expect a repeat of the historic rally?

Looking back to the 2013 to 2014 period, cattle prices in Australia were quite subdued on the back of drought induced turnoff. While Australian cattle markets were trending downwards, global markets moved in the opposite direction. With the US herd in a rebuilding phase and reinvigorated confidence in the economic situation, cattle prices in the US rallied to all new highs. The benchmark for global lean beef markets - the 90CL, gained over 90 per cent from mid 2013 to mid 2015. 

The contrasting situation between the US and Australia saw the relationship between the 90CL and the Eastern Young Cattle Indicator (EYCI) fall away. In November 2014, the EYCI to 90CL basis reached a peak discount of 353 A/kg cwt or 51pc. 

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