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Japan ox indicator reduced

08 December 2006

JAPAN - Grown steer rates suffered from weaker demand this week with the year drawing to a close. The national Japan ox and medium steer indicators declined by 13¢ and 4¢, to 153¢ and 154¢/kg lwt, respectively.

The EYCI finished at 267¢, which was 6.75¢/kg cwt lower, with processor and restocker prices lower and feeder rates higher.

Above average variance in EYCI

So far during 2006, there has been a 43% (114.5¢) variance in the Eastern Young Cattle Indicator (EYCI), from the lowest point during the past week (264.25¢) to the highest point in early August (381.75¢/kg).

The EYCI yearly average so far is below both 2005 (8%) and 2004 (2%) averages but above those of the preceding years (back to the indicator’s inception in 1997). The EYCI this year has had a larger variance than both the previous two years and the average historical variance in price, with only 2002 having a substantially larger variance.

The EYCI stayed within a 25¢/kg cwt range for the first five months of the year, but prices began to rise at the beginning of June following widespread rain, a short trading week and a tightening in supply. Encouraging rainfall also prompted increased demand from lotfeeders and restockers, which increased competition, adding to the strong demand shown by processors during the month.

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Source: MLA



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