Export prices continued to soften this week with one major processor buying the bulk of the offering.
In early sales there was a lift in the level of demand for secondary yearlings, inspired by the prediction of more rain mid-week. Northern and southern store orders were plentiful and weaner steers returning to the paddock sold 4-5c dearer.
All buyers were active in a dearer market for secondary yearlings, while domestic and export prices varied depending on quality. High yielding supplementary fed stock were paid premium prices for the better finished lines, with all southern processors having to compete strongly against each other for a market share.
Heavy export cattle prices strengthened again following on from the dearer trend the previous week. The higher prices offered, caused a larger number of well-finished heavy grown steers and bullocks to enter the market regardless of the favourable spring conditions.
Orders from feedlots and restockers ensured prices pushed considerably higher for all secondary lines, while export and domestic processor demand ramped up notably, on the back of tight supplies. Export prices in general jumped 10c/kg.
Wagga agents mustered just over 4600 cattle after last week’s Labour Day holiday Monday. The market generally posted a rally of 10c/kg across most categories.
Secondary cattle prices lost momentum with several categories recording cheaper rates. Weaker feedlot competition across lighter weight categories caused a notable drop in rates. Not all major feedlots were operating, however due to the price levels some feedlots commenced buying midway into the sale
In a similar sized yarding cattle prices continued to ease with bidding from buyers at much lower levels across export and domestic categories.
Prices varied amongst categories with secondary cattle bearing the brunt of a price correction.
Cattle markets in the past week have continued to soften and Wagga continues to experience the same weaker price trends, depending on quality and competition. Numbers more than doubled, with 4800 cattle, 2700 more than the previous market.