Trade prices lifted as buyers were more committed on competing for a market share on all the better finished lines. Young cattle suitable for the trade generally experienced a 10-12c rise, although there were times where plainer conditioned stock struggled to attract buyers.
The trade market struggled to find a stable base due to a combination of seasonal variations, a glut of box meat and consumer resistance at the shop front.
Store cattle categories were anything from dearer to 30c/kg cheaper. Agents said the unsettled market made it difficult to value cattle and gave no confidence to some farmers to trade cattle.
Lighter weight weaner cattle in general hit a brick wall as pressure from the ongoing dry weather wiped significant money from all categories.
A lack of buyer support and higher feed grain prices saw most categories take a hit of 10-40c depending on condition and weight.
Prices were fuelled by better feedlot and restocker competition, after some rain in the north and local area.
Extremely dry conditions and plainer quality eroded prices in a reduced yarding of 3,200 cattle at Wagga. The market opened weaker on the back of last week’s cheaper trends.
Even with a shortage of export cattle the market lacked competition from major export processors causing the market to slide 12c/kg. The cheaper trend was obvious at the commencement of the sale with only two processors operating fully.
Cattle markets in the past week have been somewhat erratic and Wagga experienced the same fluctuating price trends, depending on quality and competition.
Weaker feedlot competition across all categories was the catalyst for the cheaper trends. Major feedlots from Victoria NSW were operating, but some sporadically preferring well-bred lines of Angus cattle.