Physical market prices drifted lower on reduced numbers at the major saleyards this week, seeking a bottom to current downturn in values which is now entered its third week.
Overall the price correction since the start of the month has been 28c/kg liveweight for yearling steers, 45c/kg for trade heifers, 38c/kg for bullocks and 21c/kg lwt for heavy cows.
The benchmark Eastern Young Cattle indicator (EYCI) has lost 53 points or 7.5 per cent since the beginning of the month, closing Tuesday on 666.75c/kg.
Major regional markets this week offered reduced numbers on the back of last week’s price correction.
Supplies were back by 12pc overall with interstate outlets at Dubbo and Wagga Wagga taking a substantial hit with the Victorian supply similarly affected.
At Wagga Wagga, Monday, supplies were back from 4400 to 3800 head with a similar number of 560 cows penned. Quality overall was not to the previous standard and as a consequence lot feeders acquired a greater portion of dominantly secondary quality line-up.
Nonetheless, better quality vealers and trade steers found prices mainly in the 330-390c/kg lwt price bracket with odd sales to 400c/kg. Trade heifers were also sold at “firm-ish” rates averaging 319c/kg while secondary lines drifted 10-15c, and varied according to restocker interest.
However Wagga heavy cows were back 15-20c to average 246c/kg despite the returned support of two long-term absentee processors.
A similar pricing outcome manifested at Wodonga, Tuesday, when supply was trimmed from 2000 to 1600 head, with more mixed quality. Butcher and trade competition was slightly stronger except for yearling steers, whic fell 20c/kg lwt finding support in the 320-365c price bracket.
Wodonga bullocks were slightly firmer making 275-328c/kg lwt but while the money was similar at Pakenham rates were adjudged as being 12-25c/kg lwt lower.
Pakenham trade numbers were also savaged as vendors recalculated potential losses, with its supply, Monday, reduced from 1130 to 800 head. Trade sales at the outer-metro market were called as 15-25c, and some even up to 40c/kg lower but quotes of 320-365c/kg for trade steers, 353-412c/kg for vealers and 294-342c/kg for grass heifers appeared better than most.
A limited number of bullocks and grown steers at Pakenham made 305c, to a best of 326c/kg lwt which also appeared better than some that sold similar down to 275-285c.
Heavy cows for the week averaged 240c/kg at Wagga, 237c/kg at Dubbo, 247c at Pakenham and 230c/kg at Shepparton to ease 10-25c over all.