The supply of cattle at markets this week showed little of the expected big numbers, following Australia Day-inspired reduced yardings the week prior.
Despite the very dry conditions, supply increased just five per cent overall, which led to reasonable results at markets this week.
One of the major markets is Wagga Wagga, where 4200 head were offered, just 300 more than the previous sale.
While this market has little influence on any cattle prices other than cows, the large offering of steers and heifers, nearly all sold to restockers, or feedlots.
Of the 2605 vealers and yearlings yarded at Wagga, reported by Australia’s National Livestock Reporting Service, only 102 were purchased by processors, equating to less than 5pc.
My conclusion is that the need for cattle for future slaughter is very high, despite the severe drought we are experiencing.
On top of this, were the higher prices received for many of these cattle, particularly those purchased for grain feeding.
As we lead into 2019, there will be a clear lack of fat cattle, especially any of weight.
Having said this, with prices ranging between 220 to 280 cents a kilogram live weight for most of these steers and heifers, this remains a good 20c/kg lwt behind prices stipulated in MLA’s Eastern States Feeder Steer report.
There were 770 exports and 630 trade cattle penned at Shepparton on Tuesday, which welcomed an export buyer back to the buying gallery after several weeks’ absence. Cow numbers were back and very few grown steers were offered, with quality reported to be very mixed.
The better shaped vealers sold from 240-286c/k, while C and B muscled yearling steers made 227-286c/kg, and store weights from 180-245c/kg. Finished yearling heifers met stronger competition, receiving from 241-267c/kg.
Meanwhile two cow markets held on Monday at Pakenham and Wagga gave a strong reflection of prices for reasonable to good quality cows.
Pakenham agents offered over 350 cows, with light and medium weight cows from 106-190c/kg, and heavy weight cows from 164-215c/kg. Vealer prices peaked at 308c/kg with most sales from 245-290c/kg lwt.
At Wagga, over 1200 cows were sold to a top price of 214c/kg lwt. No poor condition cows were listed for sale and the prices sold from 134-202c/kg, with restocker activity aiding the increased prices.
However, there were very plain, poor quality cows penned at Pakenham, which sold from a base of 70c/kg lwt, which was cheaper.
