With increased store markets in NSW this week it’s difficult to judge just how severe the secondary cattle price decline was based on big numbers of young cattle held over for store markets across the region.
The influx of plainer bred and non-descript cattle created mixed price trends at Wagga.
Exporters, domestic processors and feedlots moved to give the bullock market direction with prices firm to 4c dearer.
Despite the bigger offering of 4750, cattle heavy export cattle met with strong competition.
Rain in the north drove rates higher at Wagga in a bigger yarding of 4100. In a mixed quality offering the market added to last week’s rise with some prices 5-12c dearer.
In a similar sixed yarding of 3,600 a boat order and feedlot competition had the greatest influence on the cattle market at Wagga. Quality was variable and prices showed some healthy gains on the back of widespread rain.
Cattle prices at Wagga were generally weaker in a similar sized yarding of 3600. The market is facing pressure from plainer quality and bigger numbers at other selling centres due to the dry conditions.
Changes to feeder cattle prices in the past few weeks show how the market is still struggling to find a balance between supply and demand. There were fewer orders this week and prices dipped 18c for lighter steer weights 330-400kg to make from 242-303c/kg.
There were signs that restockers have faith and are prepared for the moment to push prices upwards by 5-18c/kg
Bidding for cattle in a smaller yarding at Wagga of 2,485 became more selective as pressure mounts from the hot summer and easing export beef prices.