The NCC Genetic Challenge has been cancelled, according to a post on the NCC Brahmans Facebook page on Sunday. "It is with regret that we advise you of the decision to cancel the NCC Genetic Challenge scheduled for August 23rd and 24th next year," the post read. "I have considered the extent of industry conditions, the change in industry circumstances and the severe downturn in cattle markets and the rapidly rising costs of staging such an event, before making this decision. "For the Genetic Challenge to be successful for all participants and stakeholders, a high level of industry confidence is essential to optimise attendance, support and participation. "As we enter 2024 I feel that confidence and positivity is below the level essential for the success of this event. "This has been a very difficult decision to make and I thank all those involved in sharing the vision for this concept. "Best wishes and I look forward to seeing a big Brahman presence at Beef 2024 in May." The challenge was set to include a prize pool worth $200,000. In July this year, NCC principal Brett Nobbs said the competition was aimed at encouraging and promoting the participation of the next generation of Australian cattle breeders. "Their investment in this unique year-long event will nurture the development of all participants, with the skills learnt serving them well for decades to come," he said at the time. "We have received strong support for the concept of two stages twelve months apart. "A year is a significant timeframe for these youngsters and it will be interesting to evaluate their development and progress, under the spotlight of a major feature show in August 2024." Mr Nobbs has been contacted for comment.