The investments by the New Zealand Super Fund in Australian agriculture should have Kiwi Jacinda jumping for joy if the sale result notched up by the Palgrove breeding operation is an indicator.
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The fund snapped up a holding in the highly regarded Palgrove Charolais and composite breeding operation three years ago. The stud, based at Dulveen in Queensland, was founded by the Bondfield family and under the guidance of David and Prue Bondfield became arguably the leading Charolais operation in Australia.
What would have Jacinda jumping for joy is that at the recent Palgrove annual sale, 94 Charolais bulls sold for a $19,766 average and topped at $64,000. Further icing on the cake, was that 55 Ultra Blacks composites sold to a top of $34,000 and averaged $16,727. The fund is the superannuation arm of New Zealand public servants and now has six properties in Queensland and NSW, totalling 20,000 hectares. Oh yes and remember it is the Kiwis who are talking about banning foreign investment in property.
CHALLENGING
This year 2020 will go down as one of the most challenging, with drought, fires and coronavirus, however, the record Palgrove sale only headlined an extraordinary lift in breeding cattle prices along with bull and ram sales. At Charters Towers, a line of beautifully bred Brahman heifers sold for the mind-boggling price of $3544 a head.
Of course, demand has been fuelled by a great season with follow up rains forecast. There is also a shortage of stock and many producers are cashed up from profitable destocking programs.
In an unbelievable result, the Kerin Poll Merino sale resulted in 500 rams selling to a top of $10,000 and averaging $3096. The outstanding result for the Yeoval stud followed up on last year's sale of 450 rams at a $2504 average.
The Dunoon Angus sale resulted in 115 bulls selling to a stellar $140,000 and averaging $12,434 - a cat's whisker of doubling the previous year's sale result.
At Berthong, Milwillah Angus stud sold 81 bulls to a top of $44,000 to average $16,598.
No strangers to top prices, the Millah Murrah Angus at Bathurst sold78 bulls to a top of $60,000 and an eye-watering $20384 average.
What must be taken into account is that due to drought the cost of presenting rams and bulls in great condition went through the roof. Yes, grass in the paddock and money in the pocket always sees prices skyrocket. And long may it continue.
