The weather during the past year and the lamb prices were "pretty good all round", and it was the best year the farming community had enjoyed in a long time, he said.
Entries were down at yesterday's show, as was the attendance, but it was understandable as it clashed with the Southern Field Days at Waimumu, he said.
Mr Steele has been involved with the event for about 25 years but this was his first time as president. He paid tribute to all the volunteers behind the scenes at the show.
Light rain fell yesterday morning, but it had cleared by early afternoon, in time for the show opening and grand parade.
"A big rain is something we'd welcome; but just not today," he said.
Stock entered in the show was in excellent condition, thanks partly to the good season.
"And when farming's going good, like at the moment, the wider community gets the spin-off, as well, so they share in it too.
Spending goes up and truck and tractor sales and all those things will be up as well."
A water slide, lolly scramble, and pet parade were among the activities catering for the younger folk at the event.
A new rural children's challenge event organised by the Maniototo Young Farmers Club also proved popular, with teams of years 7 and 8 school pupils taking part in the agri-sports competition. Schools in the area closed at lunchtime.
Alliance Group chairman Owen Poole opened the show.
Entries remained strong in the equestrian events, with many riders planning to compete in all three shows in the Central Otago circuit - Central Otago at Omakau last Saturday, Maniototo and then the Mt Benger Show at Roxburgh on Saturday.
