In March, bull prices on AuctionsPlus experienced a slight decline, with an average price of $10,553, down 13% from February and 12% from the previous year. The Autumn selling season continued with 3,985 bulls sold through 83 sales interfaced online.
A higher supply of cattle, and subsequent lower prices for commercial young cattle, has reduced the allocated budget for buying new bulls, leading to a decline in average bull prices across all breeds (Figure 1). Angus bulls led the way in March, with 1,866 of 2,165 bulls selling for an average $11,234/head and 86% clearance rate. Simmental bulls also performed well, with 150 of 176 bulls selling for an average $9,963/head and 85% clearance rate.
Key points
Figure 1: Average bull prices on AuctionsPlus by breed (n>100), Feb - Mar 2023. Source: AuctionsPlus
Despite the downward trend, the month still produced a high point with the record-breaking sale of Tasmanian bull, Landfall Pheasantry S1755. Dunoon Angus purchased the 19-month-old Angus bull for a staggering $240,000, surpassing the previous AuctionsPlus Angus bull record reached in July 2022 by Knowla So Right S48, which sold for $190,000. However, the sale fell just shy of the record set by Santa Gertrudis bull Yarrawonga S316 at $250,000 and Charolais bull Moongool Revolution at $265,000 in September 2022.
Bull prices are expected to ease further leading into the Spring stud selling season. However, it is important to note that bull prices have held up relatively well with a 12% YOY decline compared to the 38% YOY decline in commercial young cattle prices. These annual price changes are expected to converge closer together over the rest of 2023.
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