Euroa market subdued despite rain

Lacklustre demand and a lack of feedlot support took the shine off the Euroa store sale. See how it unfolded and how much was spent.

Prices were solid to slightly dearer for young steers at Euroa today, with the feature yarding and a significant swathe of recent rain unable to give the store market a considerable boost.

The 2500-head yarding sold to a top of $1630 a head for older Angus steers weighing 461kg (353c/kg liveweight), while the main offering of spring-drop weaner steers peaked at $1430 three times.

Quality across the yarding was outstanding with the big end-of-year financial sales at Euroa one of the few places to buy big lines of breeders’ calves during winter in Victoria.

On the weights displayed, most young steers realised from 360c to 400c/kg liveweight, with just a few ‘name’ pens from well-regarded vendors and light calves selling higher to about 430c/kg.

It was a result within the ballpark of most people’s price expectations, with hopes of a ‘silver bullet’ fix from forecast big rain not eventuating.

“Hoping the market would be a lot better due to quality and the rain was probably wishful thinking,’’ said local Elders agent Steve Harrington: “I’m just pleased to see it is a little bit better.’’

A big crowd followed the Euroa EFY sale for steers, but no volume buyers emerged, and the sale was controlled by local north-east restockers with outside support from interstate limited. Picture: Jenny Kelly

Elders southern livestock manager Matt Tinkler said the market had just consolidated the mild gains of the past week.

“Considering the quality here and the rain, I thought it might have been a bit stronger, but it is tracking in the right direction,’’ Mr Tinkler said.

“I think the bit of optimism we seen last week has flowed on into today.’’

A big crowd lined the walkways, but outside competition was limited to a bit of South Gippsland restocking, Nutrien in Narrandera NSW, which purchased 120 calves and commission buyers Duncan Brown and Andrew Lowe, who stepped in at rates below 400c/kg.

In reality, the sale was controlled by local agents from the North East region who were buying pen lots for local clients, meaning the sale didn’t have any dominant volume orders to set the pace.

Mr Lowe described restocking interest from Dubbo north as being as “dead as a maggot’’ due to prevailing dry conditions.

Vendor Colin Joyce, Burnview Angus at Euroa, sold 32 Angus steers aged 16 months to a top of $1540 for 412kg, representing 373c/kg. He had hoped for around 400c pre-sale, but with no feedlot support for the opening laneway of grown cattle at the EFY sale today, the heavier cattle were subdued. Picture: Jenny Kelly

He said while this rain was helpful, most producers would still have to nurse stock through the cold winter months with limited feed, which is why the market hadn’t kicked as people held off to see how spring conditions would shape up.

There were substantial dollars-per-head buying at Euroa, with the bulk of Angus steer calves selling in a range of $1000 to $1200 per head. Agents said this was the range most people were comfortable in as they faced an uncertain future in regard to beef pricing and the season.

Strathbogie farmer Luck Buchanan, Buchanan Pastoral at Kelvin View, had the opening pen of steer calves. The 34 Angus, August/September drop and weaned weighed 364kg and sold for $1430 or 392c/kg liveweight. A second line at 320kg made $1220 or 381c/kg.

His subdued reaction was typical of other vendors at the sale who could only lament the market strength of a year ago when calves were all trending above $2000.

“It is what it is; that is just where the market is at the moment,’’ he said: “These are the best calves we have bred, I reckon.’’

Also receiving $1430 was Helen Cowin and family for the lead of their annual draft of Yandra Angus calves which are highly regarded and supported by repeat buyers. The pen of 22 weighed 333kg, giving them one of the highest liveweight results of 429c/kg. A year ago, Helen said steers of exactly the same weight made $2280.

Lighter Yandra steers at 288kg went on to make $1310 at 454c to be at the top end of the market in c/kg terms.

But showing how local buyers ‘cherry picked’ through the sale, there was 314kg Angus steers at $1120 or 356c/kg; and 381kg at $1250 for 328c/kg.

The sale opened on a laneway of grown steers which didn’t give the calves a great lead-in, with prices from 330c to 380c/kg amid no feedlot support.