Cattle prices across eastern states are beginning to feel the effect of rain across northern NSW and Queensland, with competition kicking up a gear.

The benchmark Eastern Young Cattle Indicator has gained 39c/kg in the past week to reach 972c/kg – tracking 130c/kg ahead of this time last year – buoyed by results at sales at Tamworth, Gunnedah, Singleton and Scone.

Wagga Wagga’s market on Monday was dearer again with Leann Dax from the National Livestock Reporting Service describing prices “powering on” from the previous week’s dearer sale.

The restocking steer indicator jumped 30c/kg in the past week to settle at 549c/kg liveweight while the restocker heifer indicator has also improved, showing a rise of 19c/kg in the past seven days to be trading at 448c/kg liveweight on Monday. StoneX Australian meat and livestock manager Ripley Atkinson said forecast rain for northern NSW and into Queensland eventuating had driven the market.

“Producers are back on the horse and operating on all categories as rain inspires confidence,” Mr Atkinson said.

“I suspect that in the next fortnight, we’ll see prices surpass their winter peaks set in July – specifically for restocker cattle, as grass fever takes over the producer end of the market.” Mr Atkinson said the rising price cycle could continue into early November. “Rain and a lack of supply will drive this,” he said.

“Restockers are back in the game, as confidence and subsequently demand picks up.

“The reaction to rain shows the appetite for trading or to have cattle in paddocks is still there which is pleasing to see and I expect to continue to see improving demand and bids lifting on light cattle.”

AuctionsPlus network general manager Paul Holm said green feed was setting the pace for store cattle. “Restockers are outbidding feedlots and processors on AuctionsPlus,” he said.

“Reserves are being met more readily, and northern buyers are reaching for Queensland cattle ahead of forecast rain.

“A national marketplace gives a view across the whole country, and last week it showed the same trend from Victoria to Queensland.” Mr Holm said cattle market results hinged on the weather. “If the midweek rain arrives, expect northern NSW buyers to stay active and spring competition to build … if it doesn’t, watch whether that demand holds,” he said. Mecardo analyst Angus Brown said recent volatility in young cattle markets was likely to continue.

“Strong export beef markets, feeder cattle values and low grain prices are keeping a floor under the heavier end of the market, but light cattle will swing wildly on rainfall and sentiment,” he said.