AN increase of around $100/head across the board at the Wangaratta Store Monthly Sale has revived confidence in market prices heading towards feature summer sales.
Some 1037 head of cattle were sold at the November sale at the Wangaratta Livestock Exchange with increased interest from buyers in the region as the market climbs from September and October lows.
A total of 366 heifers were sold at an average of 173.93 c/kg, while 596 steers traded at an average of 228.04 c/kg, around 40-80c dearer compared to prices two months ago.
Some $753,830 of cattle was turned over in total at Friday's sale.
Elders cattle agent Oliver Mason said the Friday morning sale was a greater showing of confidence in market prices.
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“A lot of these slaughter cattle are starting to roll out of the district and a few paddocks are starting to open up,” he said.
“It’s hard to know whether the market has bottomed out but confidence is contagious, if people start to think they’ve seen the bottom they go right into buying a few more cattle.
“I certainly believe we had an over-correction from where we were and hopefully at some point it can find a comfortable level.
“It is very dry to the north still but they are talking of some significant rainfall in that area over the next week or two, and that certainly points to an increase in the market, especially coming off such a low base.”
The strongest demand was for TVT Livestock's pens of mixed Angus cow and calves, with the top pen going for $1360 per head.
This month’s December 1 Store Monthly Sale precedes the January Premier Feature sales on January 2 and January 4.
Mr Mason said he was hopeful recent results would be a sign of an ongoing positive trend leading up to the feature sales.
“We have been quite nervous, we are quiet reliant on northern buying support, so I would like to see that change in seasonal trend before we get there,” he said.
“Locally we’re having as good a spring as we could have hope to have, it’s been really good.”
