Stanley Vale Merino Stud - News & Views

Weekly cattle and sheep market wrap

Weekly cattle and sheep market wrap

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Weekly cattle and sheep market wrap

Weekly cattle and sheep market wrap

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Weekly cattle and sheep market wrap

Weekly cattle and sheep market wrap

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Weekly cattle and sheep market wrap

Cattle

Cattle prices lifted this week, particularly for feeder and restocker cattle. Yardings lifted 10,578 to 45,061 head, slightly above the five-week average of 44,677.

The restocker yearling steer indicator lifted by 41¢ to 280¢/kg live weight (lwt). Prices have lifted in the majority of states, with the strongest price increase in NSW of 46¢ to 271¢/kg lwt.

The feeder steer indicator lifted by 21¢ to 238¢/kg lwt. Consistent rainfall has supported prices in the market with greater interest in yearling steers from feedlots. Queensland prices lifted by 27¢ to 226¢/kg lwt.  

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Weekly cattle and sheep market wrap

Cattle

Cattle yardings lifted by 8,243 from last week to 34,299 head, as several sales in NSW and Queensland that did not run in the previous week due to public holidays ran this week.  

The processor cow indicator lifted by 13¢ to 155¢/kg live weight (lwt). This was in part due to the inclusion of the Wagga sale in the indicator, which did not run in the previous week. Making up 18% of throughput, processor cows at Wagga sold at 8¢ above the national average, which pulled up the indicator overall.

Processor cow prices lifted more generally, with processor cows increasing in value in every state bar South Australia, where slightly higher throughput and slow bidding saw the indicator ease slightly. 

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US cattle herd begins to shift

In 2023, the female slaughter rate (FSR) in the United States is 51.5%, suggesting that the US cattle herd is still destocking. At the same time, overall slaughter in the US is down 28% for the year-to-date, as overall female slaughter has declined at roughly the same rate as bull and steer slaughter.

This means that while production in the United States has dropped, it will likely continue falling for the next several years. Parts of the US remain in drought or have not received enough rain to begin repairing pasture, and high cattle prices are incentivising producers to sell cattle to repair balance sheets after several years of relatively low prices.

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Weekly cattle and sheep market wrap

Cattle

The cattle market held firm across most indicators this week. Yardings lifted by 7,316 head (18%) week-on-week. Numbers through the Restocker Yearling Steer indicator increased the most, reaching 6,604 head.

Good rainfall in north-west and central Queensland in the last few weeks has increased demand at the saleyards. The presence of some active southern buyers in the north has also allowed prices to remain firm week-on-week.

Good quality offerings at Mount Barker helped the Western Young Cattle Indicator to strengthen 59¢ week-on-week to 595.67¢/kg carcase weight (cwt). Mount Barker contributed 75% of the throughput in the indicator. Vealer steers seem to be capturing the highest premiums and are more volatile than the other categories.

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Weekly cattle and sheep market wrap

Cattle

The cattle market continued to soften this week, despite rain tightening yardings across parts of the country. NSW and SA yardings remained firm, yet softened significantly in Victoria, Queensland and WA. The overall national volume ended the week below the weekly average for the year.

A significant tightening in dairy cow supply this week saw the indicator improve by 8¢ to end the week at 165.5¢/kg liveweight (lwt). The Dairy Cow indicator ended the week as the best performer.

As a result of high numbers of young cattle on-farm, restocker yearling heifers experienced a 14.6¢ or 6% drop this week, to finish the week at 232¢/kg lwt – this is the lowest price the indicator has been since early January 2020.

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Weekly cattle and sheep market wrap

Market reporting update

There will be no National Livestock Reporting Service (NLRS) slaughter report this week. The report will return on Wednesday 26 April.

No sales will proceed on Tuesday 25 April (ANZAC Day). Therefore, there will be no market reporting for the following sales:

Roma (cattle) Forbes (sheep) Inverell (cattle) Camperdown (cattle) Barnawartha (cattle) Gunnedah (cattle) Naracoorte (cattle) Carcoar (cattle) Shepparton (cattle) Muchea (sheep) Northern Tasmania (cattle) Scone (cattle) Ballarat (sheep) SA Livestock (sheep and cattle) Warwick (cattle)

These sale omissions will affect indicators next week.

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Weekly cattle and sheep market wrap

Yardings creating a softer cattle market

Cattle market prices were softer this week after a recovery in yardings from last week. Numbers in Queensland lifted by 3,598 head, with this increase largely being attributed to the Dalby sale which strengthened its yarding by 1,381 head week-on-week.

There has been an increase of 16,674 head for Queensland year-to-date, demonstrating the strong supply of cattle coming to marketable weight. Consequently, the increase in numbers has placed pressure on prices as buyers have more livestock to select from and producers look to sell off some of their herd numbers.

The Restocker Yearling Heifer Indicator lifted its throughput this week and continued to soften in price, easing by 20¢. The inflated prices at the end of 2021 and during 2022 could not have been maintained in a market flooded by current supply. In the last few months, buyers have only paid for cattle with good finish and weight.

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