THERE’S been a promising start to 2024 young cattle prices, with first reported physical sales held this morning showing consistent rises on closing rates seen last year.

Although numbers have been somewhat limited due to weather, first weekly NLRS-reported sales held this morning at Wagga, Tamworth, Packenham, Bendigo and Mortlake followed similar upwards trends.

As a result, the Eastern States Young Cattle Indicator opened for 2024 at 541.73c/kg (dressed weight equivalent) this afternoon, up 85c/kg on the final 2023 figure of 457c. Traded numbers are still quite thin, however, and a better picture will not emerge until a full weekly cycle of sales is completed.

Apart from a brief spike seen in early December due to rain, today’s EYCI is the highest figure seen since the end of August.

Feedlot buyers have dominated the purchase of EYCI-eligible cattle in the opening sales of 2024, accounting for 82pc of this morning’s purchases.

Victoria’s January feature weaner sales held last week have been reported as solid, rather than spectacular, with most prices significantly higher than December rates.

Cattle with weight have sold best, with strong demand seen from northern feedlots, now having plenty of opportunity to background young cattle on new feed before feedlot placement.

The strong rain event seen across large parts of Eastern Australia injected confidence into many buying panels, convinced that BOM’s El Nino seasonal warnings are now unlikely to impact the market any time soon.

The annual NVLX Wodonga weaner sale on Friday, yarding around 2500 steers and heifers, saw weaner steers less than 280kg sell for $450 to $840 and steers 280- 330kg make from $600 to $1030. Heavier weaner steers plus-330kg typically sold for $700 to $1225.

Naracoorte’s first 2024 weaner sale on Thursday attracted just over 3000 steers, averaging $1130 – about $30-$70 more than pre-Christmas rates, with weaned calves making a $60-$100 premium.

Black steers 350-420kg made 300-330c/kg while light steers mostly made from 270-290/kg. There was a noticeable 10-15c premium for EU-eligible cattle.

Commenting on the opening feature weaner sales held last week, StoneX national livestock and commodity manager Ripley Atkinson said all Victorian sales started stronger than where they finished last year.

“As expected, the quality of stock on offer has been exceptional and northern NSW/ QLD buyers have been competing strongly,” he said.

“Quality is continuing to pay, with the better drafts receiving good competition. Conversations with people have indicated the necessity to compete as intensely as what has been seen in recent weaner sales of 2021-23 isn’t there with large numbers ensuring everyone has access to stock.”

“There is a point where buyers are sitting on their heels and walking past pens once prices reach a certain point but demand from north of the border into key cattle regions has been solid,” Mr Atkinson said.

“With a body of feed now about for most regions, I expect these price lifts in the weaner markets to broaden into the general markets when sales kick off fully from today,” he said.

“With prices where they are in these weaner sales, cattle are definitely buyable and there’s money to be made at current rates for all parties.”