Weekly Cattle Comments - 11.11.22

The long-awaited surge of market ready cattle finally hit AuctionsPlus this week, as a comparatively drier week enabled producers and agents to arrange mustering, assessment, and listings. As expected, the fourth largest weekly AuctionsPlus offering on record and second largest for 2022, at 24,890 head, put significant pressure on prices, with clearance rates and the final value over reserve all below previous week’s levels.

As mentioned in recent weeks, volatility of supply and price can be an expected feature of the cattle markets through to the end of the year. The mixed bag of extensive flooding and the forecast continuation of la Nina conditions, along with excellent feed conditions when extended dry periods do arrive and rising on farm costs, are influencing both sides of the transaction. Looking further down the value chain, add to the mix waning local and global consumer sentiment, the low Australian dollar and well publicised processor labour constraints, the current cattle market has plenty of “interesting” drivers at play heading into 2023.

However, with all the different factors that could be analysed, it seems this week’s market was simply a case of “get them out while we can!”.

Table 1: AuctionsPlus National Weekly Cattle Prices
Table 2: AuctionsPlus Queensland Weekly Cattle Prices
Table 3: AuctionsPlus Angus Weekly Cattle Prices

The surge in supplies was driven by larger offerings out of Queensland, with over 9,000 head of young steers offered nationally. Prices were softer across four of the main young steer categories, led by 330-400kg steers, which averaged $108 lower on last week, at $2,134/head. With 3,608 head offered through the category, the clearance rate finished at 63%, which compares to 77% last week for only 1,123 head. From Wandoan, Queensland a line of 120 Angus backgrounder steers, aged 10-14-months, weighing 364kg lwt, returned $2,200/head or 605c/kg, to a buyer in NSW.

280-330kg steers averaged $1,943/head this week, down $143 on last week, with the 2,723 head offered registering a 68% clearance rate. From Tambo, Queensland, a line of 96 Brangus weaned steers, aged 5-14-months, weighing 328kg lwt, returned $1,930/head or 606c/kg - headed to a buyer in NSW. From Warkworth, NSW, a line of 128 Angus backgrounder steers aged 12-14-months, weighing 292kg lwt, returned $2,090/head, or 714c/kg.

For the lighter lines, buyers were again very selective, with a 72% clearance rate for the 1,629 head of 200-280kg. From Hughenden, Queensland a line of 216 Brahman steers weighing 248kg lwt, returned $1,380/head, or 556c/kg.

One of the few categories to register a decline in numbers offered for the week was 400kg+ steers, with the supply back 26% on last week, at 1,249 head. Bucking the overall trends, steers averaged $70 higher on last week, at $2,354/head. From Paschendale, Victoria, a line of 16 Poll Hereford feeder steers aged 17-18-months, weighing 545kg lwt, returned $2,510/head, or 553c/kg.

There were very similar clearance rates through the young heifer categories this week, with only the heaviest lines withstanding the decline in prices. 330-400kg lines averaged $80 dearer on last week, at $2,258/head, reaching a 73% clearance rate for the 2,662 head offered. From Spring Ridge, NSW, a line of 23 Speckle Park/Angus cross Hereford future breeders, aged 14-16-months, weighing 341kg lwt, returned $2,210/head.

200-280kg and 280-330kg categories both averaged lower for the week, with the 2,416 head offered for the lighter category selling to a 66% clearance rate. 280-330kg heifers declined $140 on last week, to average $1,945/head, while the 200-280 lines averaged $215 lower, at $1,403/head. From Talwood, Queensland, a line of 41 Angus/Angus composite weaned heifers, aged 9-12-months, weighing 280kg lwt, sold for $325 above reserve at $1,925/head. From Theodore, Queensland, a line of 64 Droughtmaster weaned heifers, aged 10-12-months, weighing 316kg lwt, returned $1,810/head.

400kg+ heifers regained some of last week’s large price decline, averaging $150 higher at $2,474/head.

PTIC heifers were the single largest category for the week, with 3,950 head offered – 99% more than last weeks offering. Even with the jump in numbers, prices remained relatively steady, averaging only $17 lower on last week, at $2,782/head. From Gapsted, Victoria, a line of 13 Angus heifers aged 26-38-months, PTIC to Angus bulls, weighing 667kg lwt returned $3,660/head. From Taroom, Queensland, a line of 32 Charolais/Charolais cross heifers, aged 18-22-months, weighing 482kg lwt and PTIC to Angus bulls, returned $2,560/head.

PTIC cows erased most of last weeks $680 gain, with the 1,062 head offered averaging $2,606/head – down $420 on last week. Always dependent upon bloodlines and age, the PTIC cow offering hit an 88% clearance rate for the week and ranged from $1,780 through to $4,125/head. From Bourke, NSW, three lines of 70 Brahman cows aged three years, weighing 505kg lwt, PTIC to Angus bulls returned $2,200/head, with two lines remaining in NSW and one heading north to Queensland.

From Willbriggie, NSW, a line of 38 Poll Hereford cows aged seven years, weighing 731kg lwt, with 38 calves at foot, aged 2-14-weeks, sired by Poll Hereford and Angus bulls, returned $3,680/head.

NOTE: Prices as at 2pm, Friday 11th November 2022

Table 1: AuctionsPlus National Cattle Prices

Table 2: AuctionsPlus Queensland Cattle Prices

Table 3: AuctionsPlus Angus Cattle Prices