The Eastern Young Cattle Indicator hit its highest level so far for 2009, finishing Thursday at 334.75¢/kg (carcase weight).

The return to a full selling week saw lamb prices drop back from last week's record highs, while the national mutton indicator continued on its record breaking run, reaching 306¢/kg (cwt).

MLA says Queensland led the charge this week for cattle prices, with both trade steer and Japan ox saleyard prices up 6¢/kg lwt, with competition reportedly stronger as buyers looked to secure suitable lines following last week’s reduced offerings.

Restocker and feeder demand continues to assist the young cattle market, especially across southern markets, with Victorian trade steers this week up 6¢, to 192¢/kg lwt.

Lamb prices took a small step back this week, following last week’s record highs, with trade and heavy lambs easing 15¢ and 12¢, to 507¢ and 517¢/kg cwt, respectively.

MLA says the jump in lamb yardings through physical markets was expected this week following the shorter trading week, although numbers were up 15pc on the same period last year, with the record prices likely to have attracted more lambs to market.