WANGARATTA Livestock Exchange's turnover for 2023 was $35 million less than the previous year, a result greatly influenced by grim seasonal outlooks for the eastern seaboard of Australia that are now tracking better than expected.
In 2023 the exchange turned over $54.81m in cattle sales compared to $90.28m the year before, but it was mainly due to a dive in cattle prices, as the head count was only about 3000 less than in 2022.
Some 17,243 head of prime cattle and 24,833 head of store cattle were sold at the Wangaratta yards in 2023 for a total of 42,076, compared to a total of 45,172 in 2022 when prices achieved record figures.
Exchange general manager Warwick Benton explained that seasonal weather outlooks and the forecast impact of El Nino had a large effect on cattle prices.
"Everyone across the eastern seaboard was affected by the bureau's forecast of an El Nino (drier weather) and people in the north were pretty worried about it and they started selling off quickly," Mr Benton said.
"We all knew there was going to be a correction in pricing of cattle, but in my view, and that of livestock analysts, it went too far."
In hindsight, Mr Benton said there has been a lot of rain in the north and the season is now not as bad as the Bureau of Meteorology predicted and anyone who cares about the sustainability of the industry is hoping prices will improve soon.
He said throughput at Wangaratta's exchange has maintained but prices have almost been cut in half from 2022 figures and people are holding optimism for the next weaner sale on January 2.
On the export side of the equation, Mr Benton said Australia is looking as healthy as ever and it's in the box seat as the world's major exporter of beef at the moment.
"There aren't many heavy cattle in the north of Australia and the northern buyers have come down in the last few weeks to replenish stocks," he said.
"There is still that demand for meat and protein in the world and if that maintains I can't see things deteriorating - it's a positive outlook."
Producers in North East Victoria have had outstanding growing conditions with plenty of feed but it's the northern areas of Australia that have seen a turn in conditions.
"North of Temora and around New England it has been getting pretty bad as well as out towards Burke and Wilcannia," Mr Benton said.
"It crashed a bit but going into 2024 it should be looking okay now that the north has had a wet season."
The cost of production is still high and producers are banking on prices to bounce back so the job has sustainability and farmers remain in the industry.
Looking forward over the next month, there are two massive sales set for the Wangaratta Livestock Exchange, with the Corcoran and Parker and Elders' event expected to yard 4500 steers on Tuesday, January 2 and 3000 heifers on Thursday, January 4.
At the end of January there will be the blue ribbon sale with the steers on Wednesday, January 31 and the heifers on Friday, February 2.