Markets

Wagga sale 9 Nov 2020: Stock shortage fuels price rise

Leann Dax, 10/11/2020

Yarding 2635 Change 135

A shortage of stock fuels a price rise at Wagga in a similar sized yarding of 2625 head.

The shortage of secondary steers and heifers is now well and truly coming to fruition, its unknown where prices will go next before the Christmas holiday break.

On Monday the eastern states feeder cattle indicator reached 434c up 7c on the week previous week and a massive 139.6c year-on-year.

Agents believe the  high prices are driven by NSW and Queensland which had been hardest hit by drought. Another factor driving demand is the magnificent spring break across most of the eastern seaboard.

This week at Wagga feeder steers jumped 7-10c lighter weights recorded a top price of  454c/kg to average 446c/kg.

Medium sold from 390 to 439c to average 423c/kg.

Feeder heifers were in limited supply with most weighing above 500kg. The bulk of the medium weights 400-500kg sold 12c dearer averaging 410c/kg.

Restockers pushed hard against feedlots in the weight range of 330-400kg. Prices bounced 9c for steers returning to the paddock to average $1603/head.

Trade heifers met robust domestic processor competition and feedlot demand. Prices for suitable slaughter stock sold 11c dearer making from 379-436c/kg.

Trade steers sold to similar rates selling from 405c-435c/kg.

Prices drew out some top-quality heavy steers, with Coles paying a premium for the younger pen lots.  Prices ranged from 360-404c/kg.

Bullocks were well supplied, and prices were 2c easier making from 362-392c/kg.

In the cow run tight bidding for the best heavy cows resulted in a spread of just 294-322c/kg.

To read full NLRS report click here

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