Cattle prices hit 'a new gear' as rain tumbles down

Key points

• Cattle prices jumped this week after heavy rain fell across key production areas in Queensland and northern New South Wales. Meat and Livestock Australia's benchmark Eastern Young Cattle Indicator rose above 1,000 cents a kilogram.
• The national processor cow indicator reached a record $4 a kilogram, and the heavy steer indicator hit $4.77.
• Analyst Simon Quilty said tight supply and competition between processors and feedlots drove demand, and he forecasts heavy steer prices to rise about 20 per cent next year.