The Cattle Racing Tournament is just a local tradition; the official nationwide event is called the Bull Racing Competition.
The Bull Racing Competition is a tradition of the entire Australia, usually held on Australia Day, in late January every year. But once a year seems a bit too long for most, hence the local traditional Cattle Racing Tournaments.
They generally include some horse riding performances, bullfighting competitions, and even events like catching cattle on horseback.
Now, with only over a month left until the next Cattle Racing Tournament, if Yan Fei wants to participate, the cattle and horses on his ranch are clearly not up to the task. Those horses are just for riding and are not qualified for competitions; the cattle, being mainly meat cattle, would just end up as dishes, whether they participate in the tournament or not.
