Markets

Wagga sale 12 Oct 2015: Supplies choke market

Leann Dax, 13/10/2015

Hot spring conditions and the interruption to the Wagga sale last week due to the Labour Day holiday caused an influx of numbers. Agents penned just over 5,300 cattle 1,300 more than the previous sale.

Market prices plunged, with export steers and cows hit hard. Cattle suitable for the domestic trade were also affected with price up to 45c/kg cheaper.

The lack of processor demand rather than the bigger numbers seems to behind the latest correction, which was reflected in the cheaper trend of 47c for bullocks and heavy grown steers. Good quality bullocks made from 260 to 290c to average 275c/kg. It was a similar story for heavy grown steers 500-600kg with processors unwilling to push over 300c, rates averaged 283c/kg.

Trade prices melted under pressure of big numbers as producers off loaded stock in the face of the drying conditions and cheaper price trends in other selling centres. The better finished heifers 400-500kg sold 45c cheaper selling from 249-290c to average 271c/kg. The cheaper feeder market caused erratic price trends for yearling steers to slaughter. The better finished steers sold 35c cheaper making from 280-312c/kg.

The trend was similar for secondary cattle, with prices back 38c/kg, feedlots paid an average of 296.7c for medium weight steers 400-500kg. Lighter weight secondary steers 330-400kg suitable to feed on were affected by the greater numbers and the small contingent of buyers willing to pay above 310c/kg. Well-bred lines made from 300-327c while plainer bred pens and crossbred types ranged from 275- 300c/kg.

Despite the cheaper trend for feeder steers restocker competition and confidence was more robust, restockers paying up to 329c for 200-280kg steers to average 301c/kg.

There was increased numbers of plainer light weight store conditioned heifers however, with only limited competition prices fell 29c to average 271c/kg or $679

Prices tanked in a similar sized line up of 1,080 cows. There was increased buying competition from Queensland however, this had no effect on price trends with rates falling 45-50c/kg. Heavy cows made from 205-235 averaging 222c/kg. Leaner cows sold to fluctuating price trends, with light weight cows proving most difficult to sell. Light and medium framed lines sold from 160-230c/kg. Cows returning to the paddock dropped 69c selling at 128-168c/kg. Bull prices plummeted by 72c to average 247c/kg.

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