A look ahead to the high country's 81st Mountain Calf Sales

At the same time, cattle prices were starting to gain momentum on the back of desperately-needed rain across much of NSW and parts of Queensland.

Since then, prices for young cattle have continued to track well-above historical levels, and in some cases have set new records, as demand for young cattle by northern restockers significantly outweighs supply.

These factors - along with some of the best seasonal conditions in close to a decade - are priming the beef industry with enthusiasm and optimism ahead of the 81st Mountain Calf Sales in the high country next week.

In just two days, more than 8000 cattle will be sold across five sales at Hinnomunjie, Omeo, Benambra and Ensay.

For producers in the Ensay district, it will be a particularly momentous occasion and mark the return of the annual calf sale to the iconic timber yards.

Last year the sale was brought forward six weeks and held at Bairnsdale due to the effects of fire on nearby vendors.

Ensay breeder Barry Newcomen, Newcomen Hereford stud, said it was the first time since the mid-1960s - when the sale became a part of the annual Mountain Calf Sales series - that a calf market had not been held at Ensay.

"I hold onto my cattle especially for this sale and believe it's vitally important for the success of Mountain Calf Sales that people support these sales," Mr Newcomen said.

"People come from near and far and nine times out of 10 you couldn't find better-bred cattle."

Adding to the anticipation of next week's weaner series is the expectation of more promising seasonal conditions for much of 2021.

After close to four years of drought - with low winter rainfall and crippling summers - many breeders are looking to restock their breeding base as pasture growth and water supplies continue to build.

Elders, which officiates the sales at Ensay, Omeo and Benambra, estimates 2000 fewer females will be offered in the annual weaner sales series this year alone.

The tightening of supply for female cattle is expected to see demand increase strongly.

Meat & Livestock Australia market analyst Stuart Bull said while the Eastern Young Cattle Indicator had tapered off since January, prices were still 160 cents a kilogram carcase weight above year-ago levels.

The EYCI has eased 3 per cent since January 28 when it peaked at 888.25c/kg cwt.

"If you look at the main driver of the EYCI, it has been the sudden turnaround of the season along most of the east coast and essentially the expectation of tightening supply throughout 2021 is going to place upwards pressure on the market, similar with what we saw in 2020," Mr Bull said.

MLA data shows there are close to 4000 fewer young cattle - yearlings and vealers with a majority weighing between 200 and 450 kilograms - passing through Australian saleyards each week compared to year-ago levels.

"At the moment we're only seeing about 13,000 young cattle going through saleyards and that's well below last year when the figure was about 17,000 head each week," Mr Bull said.

That figure is partially due to primary producers looking to retain and restock their herds after years of dry conditions.

"A lot of producers are having to start from low levels and people are looking to firm up their breeding herd and that will mean less females around," he said.

"At the same time, the EYCI has eased because restockers have summed up what is sustainable or what they should be paying and have essentially taken their foot off the pedal so to speak."

Elders Omeo livestock agent David Hill said the main reason for a decline in weaner numbers at the Mountain Calf Sales this year was due to farmers rebuilding herd numbers.

"Cow numbers overall in the high country have been reduced significantly due to drought," Mr Hill said.

"You could quite comfortably say these sales would be down 2000 heifers at least and that's because people are looking to retain numbers to increase their breeding herd."

Sharp Fullgrabe director Graeme Fullgrabe, who will oversee the first weaner sale at Hinnomunjie on Tuesday, said there had been strong interest from prospective interstate buyers.

"We've had people from NSW, Queensland and South Australia inquire about the calf sales and that's very pleasing to see," Mr Fullgrabe said.

"However, we expect local support from Gippsland, especially South Gippsland, to really underpin these sales."

One northern NSW agent who has been a regular at the Mountain Calf Sales for several years said he was still unsure if he would make the journey down south next week.

The agent, who requested his name be withheld, has previously bought large volumes of cattle from the high country sales on behalf of restockers in central-west NSW.

"The cattle around Omeo and Ensay are very good and you can't find calves better anyway but at the moment the market is still very dear for us," the agent said.

"If we do go, we will be there if an opportunity arises but at the moment with the strong market prices and also freight logistics getting cattle back, it makes it very hard for us to compete."

One area which is expected to be particularly strong at the sales are buyers from South Gippsland.

Elders Korumburra and Leongatha livestock manager Rohan McRae said demand for well-bred steers and heifers was ongoing, and prospective buyers were looking to the mountains as a source of cattle.

"We find repeat buyers will go there each year to buy cattle they know will perform," Mr McRae said.

"South Gippsland's season is often very steady and we know restockers and traders are looking to these sales because the brand of cattle that come from this area is trusted."