Beef weaner prices have dropped between $500-$700 a head year-on-year on average across Victoria in the first three weeks of 2023, as more than 65,000 young cattle went under the hammer across the state.
Analysis by Stock & Land reveals 67,110 cattle were sold across 22 sales between January 3 and 19, with a total gross value of $107,505,899.
More cattle were sold during the opening sales of 2023 compared to 12 months ago, where 61,894 went under the hammer, while the value of cattle sold declined by $32 million year-on-year.
The highest-grossing weaner sale was on January 4 at the Northern Victoria Livestock Exchange, Wodonga, where 5382 mixed-sex weaners averaged $1702 and grossed $8,987,437.
Mortlake's sale a day later at the Western Victoria Livestock Exchange was the second-highest sale, with the all-breeds mixed-sex sale of 5664 cattle averaging $1570 and grossing $8,849,560.
The highest-grossing sales in third and fourth place were at Wodonga and Wangaratta, followed by Elders' Yea sale on January 13 where the mixed-sex sale of 4498 cattle averaged $1649 and grossed $7,419,140.
The most profitable western district sale was at Hamilton on January 9 where 4073 Angus steers grossed $6,831,986 and averaged $1679.
The average price of cattle through the three-week event averaged from $1702 at the highest-averaging sale to $1441 at the lowest-averaging sale.
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The saleyards at Wodonga (15,242 head) and Hamilton (13,692 head) sold the most cattle.
Reduced support from buyers north of the Murray River, driven by increased freight costs and a late spring in 2022, meant fewer cattle went into NSW and Queensland compared to 2022.
Premiums for weaned cattle were also noticeable, and in some cases attracted a price hike of 30-40 cents a kilogram, compared to non-weaned cattle, while heifers at many sales sold for more than the cost of steers.
Despite the lower prices compared to 2022, Elders Victoria and Riverina livestock manager Matt Tinkler said it was important to give the cattle correction context, noting the beef industry was still in a strong position with prices similar to those recorded at the 2021 sales.
"We've certainly seen a change in the pricing from what we saw year-on-year which in retrospect was no surprise because that started to occur back in November due to a number of factors," he said.
"One big positive is the demand for breeding stock and female prices.
"Heifers that were at joinable weights were really sought after and we saw in places that the heifers made similar, if not more money, than their steer brothers and that shows a real positivity for the cattle market."