The credit crisis has been blamed for a fall in the average price and numbers sold at the first day of Perth Bull sales.
The banks’ unwillingness to extend overdrafts, combined with higher interest rates on loans, meant potential buyers from the commercial beef sector had less cash to spend. Buyer confidence in the longer-term beef market had also been dented by reports that consumers were turning their backs on prime cuts and opting instead for forequarter mince.
The lack of confidence and cash saw the Aberdeen Angus trade average £3240 for 42 sold. Last year at the same sale prices averaged £3261 for 60 sold. Aberdeen Angus breed society president John Coultrip said it was a marked reflection of the current financial situation, with farmers cautious in their spending in the current economic climate.
But there were some bright spots in the first day in Perth as Irish breeders, the Reynolds family, took the breed championship with their first ever entry at the bull sales.
Their bull Bunlahy Biltzy stood senior champion and overall champion under judge David Lucas and went on to sell to Mr Lucas for the day’s highest price of 10,000gns.
There was a better trade among the females, where a top price of 8000gns was achieved for one from Robert Galloway’s Cardona herd, Cardona Edwina, sold to David Walker’s Galcantry herd, Aberdeenshire.
- To keep up to date with all the action from Perth today, including the judging of Simmental males and females and the sale of Limousin bulls see www.fwi.co.uk/takingstock