The benchmark Eastern Young Cattle Indicator (EYCI) has continued its rain-induced rapid rise, hitting a confidence-boosting 507 cents a kg by Wednesday night.
The ECI has now climbed a stunning 122c since plummeting to 385c on March 8.
Rain across a large part of Queensland in the wake of cyclone Trevor has dried up the flow of cattle into saleyards and encouraged restockers back into the market.
Many districts in western Queensland, including Barcaldine, Isisford and Blackall, copped a bucketing of around 200mm.
Trevor's rain joy also spread south where good falls were received in the drought-hit NSW North West and Hunter. And parts of Victoria, notably Gippsland, have also recorded useful falls.
In three weeks the store cattle market has gone from rock bottom to making an unprecedented fast recovery.
Meat and Livestock Australia said producers were shocked when the EYCI plunged through the 400c barrier and rapidly reduced yardings. Weekly numbers of EYCI eligible cattle were slashed in half to 10,000. Last week's yardings across Victoria, NSW and Queensland were down almost 30pc week-on-week.
Meanwhile, Angus Gidley-Baird, a senior analyst with Rabobank, said beef was facing some potential headwinds in key export markets.
Among the possible dangers was the recent approval in the United States for a product dubbed "pink slime" to be labelled and sold as ground beef.
Lean finely textured beef ("pink slime" to its critics) caused a media storm back in 2012 because American consumers didn't want the product in their hamburgers and sausages.
The controversy died away but last December the US Department of Agriculture reclassified lean finely textured beef (LFTB) - produced by stripping meat from fat trimmings using a heat and mechanical process - as ground beef in its own right.
Previously LFTB could be used as a component of ground beef (mince) without a special label.
Mr Gidley-Baird told last week's annual conference of the Northern Territory Cattlemen's Association that LFTB posed a risk to Australia's exports of lean beef trimmings to the US.
He said the US could potentially produce 400,000 tonnes of LFTB a year which could add around $47 extra value to each carcase. Australia exported 234,000 tonnes to the US during the year ending February with the bulk manufacturing grade for grinding.
"I am not saying it's going to happen (significant replacement of Australian beef imports with LFTB) but we need to keep an eye on it."
He said the US now had a "mountain of meat" at a time when the world economy was slowing and global stocks of protein were high.
Adding complexity to the world beef export market was a major outbreak of African swine flu (ASF) in China, the world's major pork producer with 700 million pigs and annual production of 54 million tonnes.
ASF was proving hard to contain despite the slaughter of 900,000 pigs and, as a result, China had shut its "grey" import trade (notably Indian buffalo meat through Vietnam).
China was facing pork shortages which could prove a winner for beef exporters later in the year, he said.
However, India needed to offload its buffalo meat until the Chinese "grey" trade was re-opened and could displace Australian beef in Indonesia and the rest of south-east Asia.
