Prime market seeks bottom

Nearing age 72, Hardwick’s of Kyneton buyer, Tony Monkivitch, retires this week closing a career spanning five decade in domestic meat wholesaling.Physical market prices drifted lower on reduced numbers at the major saleyards this week,seeking a bottom to current downturn in valueswhich is now entered its third week.
Nanjing Night Net

Overall the price correction since the start of the month has been 28c/kg liveweightfor yearling steers, 45c/kg for trade heifers, 38c/kg for bullocks and 21c/kg lwt for heavy cows.

The benchmark Eastern Young Cattle indicator (EYCI) has lost 53points or 7.5per cent since the beginning of the month, closing Tuesday on 666.75c/kg.

Major regional markets this week offered reduced numbers on the back of last week’s price correction.

Supplies wereback by 12pcoverall with interstate outletsat Dubbo and Wagga Wagga taking a substantial hit with the Victorian supply similarly affected.

At Wagga Wagga, Monday, supplies were back from 4400 to 3800 head with a similar number of 560 cows penned. Quality overall was not to the previous standard and as a consequence lot feeders acquired a greater portion of dominantly secondary quality line-up.

Nonetheless, better quality vealers and trade steers found prices mainly in the 330-390c/kg lwt price bracket with odd sales to 400c/kg. Trade heifers were also sold at “firm-ish” rates averaging 319c/kg while secondary lines drifted 10-15c, and varied according to restocker interest.

However Wagga heavy cows were back 15-20c to average 246c/kg despite the returned supportof two long-term absentee processors.

A similar pricing outcome manifested at Wodonga, Tuesday, when supplywas trimmed from 2000 to 1600 head, with more mixed quality.Butcher and trade competition wasslightly stronger exceptforyearling steers, whicfell 20c/kg lwt finding support in the 320-365c price bracket.

Wodonga bullocks were slightly firmer making 275-328c/kg lwt but while the money was similar at Pakenham rates wereadjudged as being 12-25c/kg lwt lower.

Pakenham trade numbers were also savaged as vendors recalculated potential losses, with its supply, Monday, reduced from 1130 to 800 head. Trade sales at the outer-metro market were called as 15-25c, and some even up to 40c/kg lower but quotes of 320-365c/kg for trade steers, 353-412c/kg for vealers and 294-342c/kg forgrass heifers appeared better than most.

A limited numberof bullocks and grown steers at Pakenham made 305c, to a best of 326c/kg lwt which also appeared better than some that sold similar down to 275-285c.

Heavy cows for the week averaged 240c/kg at Wagga, 237c/kg atDubbo, 247c at Pakenhamand 230c/kg atShepparton toease10-25c over all.

This story Administrator ready to work first appeared on Nanjing Night Net.