From Winton, Western Queensland, this line of 312 Charbray and Charolais x steers 14-28 months averaging 419kg returned $2160/head – $360 over the reserve.

Excluding the historically low first January sales seen each year, this week’s AuctionsPlus cattle offering of just 5153 head was the lowest seen in at least two and a half years (see graph below).

The same trend is apparent in sheep and lamb online sales this week, where offerings fell to 19-month lows.

Market fundamentals came to the fore in the online cattle market this week, as the dramatic reduction in supplies spurred buyer competition, pushing most prices higher. As a result there were 100pc clearance rates registered across several categories.

This week’s offering was down another 34 percent on the already low offerings last week.

“You could almost hear producers yelling “I don’t like the prices…I’m holding,” AuctionsPlus’s summary suggested.

For the first two weeks of August, only 12,993 head of cattle have been offered through the main commercial sales. In the same period in 2021, the number was 34,770 head.

Is the 63pc decline year-on-year for the two-week period a measure of producer expectations that the price will rebound into spring, or a reflection of the market trading that occurred through the winter of 2021?

Producer feedback is that it is clearly more about rebound expectations, with the seasonal outlook enabling the flexibility to hold and wait. With the reduced supply in the past two weeks, has come a resurgence in clearance rates and final prices exceeding reserve levels.

The small weekly cattle offering was met with strong competition as clearances exceeded 90pc for all young cattle categories.

Steers 200-280kg kicked 36c/kg or $133 higher on average on last week, to 634c or $1605 – with a 95pc clearance for the 724 head offered.

From Condamine, Southern Queensland, 120 Angus steers 6-9 months averaging 276kg returned $1850.

A limited offering of 184 280-330kg steers sold to a 100pc clearance, as the average price moved 28c/kg higher on last week, to 598c.

From Urunga, NSW North Coast, a line of 35 Angus steers 9-10 months averaging 301kg returned $2000/head – $200 above the reserve.

Steers 330-400kg eased 3c/kg or $7 on last week, to 573c or $2048, with a 98pc clearance for the 339 head offered. From Ruffy, Northern Victoria, a line of 13 Red Angus steers 9-10 months averaging 361kg returned $1950.

A comparatively larger offering of feeder steers sold to a 100pc clearance, with the 640 head averaging 13c/kg or $69 higher on last week, 524c. From Winton, Western Queensland, a line of 312 Charbray and Charolais x steers 14-28 months averaging 419kg returned $2160/head – $360 over the reserve.

While clearance rates remained high through the young heifer lines, there was a little more price volatility, with the 280-330kg lines averaging 50c/kg or $233 lower on last week, averaging 581c or $1720/head – even with a 93pc clearance for the 439 head offered.

Heifers 200-280kg averaged 649c or $1575/head for the week, up 62c or $149 on last week, with all but 32 of the 899 head offered being snapped-up.

Heifers 330-400kg averaged 48c/kg or $168 higher for the week, to $2103/head, with a 96pc clearance for the 344 head offered.

From Yelarbon, Southern Queensland, a line of 37 Angus heifers 12-13 months averaging 357kg returned the top price of $2400 – $600 over the reserve price.

Breeding cattle

The lowest PTIC heifer offering in years contributed to the price kicking $410 higher on last week, to average $2558/head – with a 96pc clearance for the 512 head offered.

From Ashford, NSW, a line of 53 Angus PTIC heifers 18-22 months averaging 396kg and pregnant to Wagyu bulls returned $2650/head – destined for Taroom, Queensland.

From Toobeah, Southern Queensland, a line of Charolais and Charolais x cows 6-14 years and averaging 584kg, PTIC to Angus bulls, returned $2700/head – $900 over the reserve.

From Gundagai, NSW, a line of 22 Angus cows with calves at foot returned $3100 – $500 over the reserve. The cows ranged from 3-8 years and averaged 525kg.

Prices as at 2pm, Friday 12 August.

Source: AuctionsPlus